The GBP/USD pair initially tried to rally during the session on Monday, but as you can see pullback and broke below the 1.71 support level. We think that there is a massive amount of support down near the 1.70 handle, so quite frankly we are simply waiting for some type of supportive candle in order to start buying again. At that point in time, we believe that the market will try to break above the 1.72 level, and then perhaps head to the 1.75 level, an area that we believe is a longer-term target.
