The GBP/USD pair rose during the course of the session on Monday, as we continue to see quite a bit of volatility. However, the market has more than enough resistance above to keep this market going lower. Ultimately, the 1.52 level above should be resistance, as it was both support and resistance in the past. Ultimately, we feel that the British pound will continue to soften against the US dollar, but the balance was probably more a function of the 1.50 level being supportive than anything else. We have no interest in buying at this point in time.
