The GBP/USD pair attempted to rally during the Monday session, but failed to have any follow through. The pair has been sold off in a steady and ruthless manner, and the fact that the bulls can’t push it higher at these extremes suggests that we have much further to go. The idea that the 61.8% Fibonacci level at the already established 1.5650 support level caused a bounce is hardly a stretch. However, the fact that the gap is essentially being ignored by the markets from the weekend is telling. We are massive sellers under the 1.5650 level as it shows a real breakdown.
Written by FX Empire