The GBP/USD pair tried to rally initially during the day on Monday, but struggled at the 1.49 level as we turned around and form a fairly bearish looking candle. Ultimately, we believe that every time this market rallies, it will produce a selling opportunity if you wait long enough. Given enough time, we do think that this pair continues to break down but realize that you may have to wait for bounces in order to start selling again as it could represent value in the US dollar for the time being. We recognize that there is more than enough volatility in this area to keep this market very choppy.
