The GBP/USD pair fell initially during the course of the day on Wednesday, but found enough support to turn things back around and form a hammer. Ultimately, the market looks as if the market is trying to bounce here, but we think that the downtrend is more than extensive and impressive enough to keep this market going lower. We believe that rallies from here should offer selling opportunities as the US dollar continues to be the favored currency around the world. Given enough time, we anticipate the British pound dropping down to the 1.45 handle.
