The GBP/USD pair initially fell during the course of the day on Monday, but found enough support at the 1.52 level to turn things back around to form a bit of a hammer. This being the case, it looks like the market still isn’t ready to make a move in one direction or the other, so we are on the sidelines. Ultimately though, if we can break down below the bottom of the hammer, we would love to start selling the British pound at that point as it should continue the downward trend.
