The GBP/USD pair fell during the course of the day on Thursday, slamming into the 1.68 region. This area does start to see a bit of support though, so really this point time we are waiting to see if we get some type of supportive candle as this market is certainly oversold. We believe that the 1.70 level will continue to be a bit of a magnet, but recognize that we certainly have quite a bit of bearishness in the market suddenly. If we can get above the 1.70 level, this market should go to the 1.72 level.
