The GBP/USD pair initially tried to rally during the course of the session on Monday, but then turned back around to form a shooting star. The shooting star of course signifies that perhaps the downward pressure is accelerating even more, and that people are simply coming into the market in order to take advantage of “value” in the US dollar. With this, we believe that the market is going to continue to go down to the 1.40 level given enough time. Any rally at this point in time will be sold as far as we can see, and as a result we have no interest in buying.
