The GBP/USD pair fell significantly during the course of the session on Tuesday, testing the 1.48 level. If we can break down below the bottom of the range, we feel as if this market is going down to the 1.45 handle given enough time, and that short-term rally should be selling opportunities as the British pound cannot hang onto any type of gains at this point in time. The US dollar continues to be favored overall, so this move makes a lot of sense as far as we can see and as a result we have no interest in buying.
