The GBP/USD pair fell slightly during the session on Monday, but found enough support at the 1.6850 level that the British pound essentially was unchanged by the time the session ended. There is a significant area of support near the 1.68 handle, so we feel that this market should be relatively well supported. 1.69 has been resistance recently, but the longer-term target that we’ve had for this pair has been the 1.70 handle, and we do stick by that. Pullbacks at this point in time will continue to be perceived value, and as a result we are still very bullish of the British pound.
