The GBP/USD pair fell rather hard during the course of the day on Monday, killing very close to the 1.40 level. We did bounce though, so it’s very likely that we are going to get a little bit of a reprieve for the British pound. At this point though, we are simply waiting to see an exhaustive candle above that we can start shorting. The market is most certainly negative, and it looks like we are getting ready to continue the longer-term downtrend but there is a certain amount of support at the 1.40 level that we may need to attack several times in order to break down.
