GBP/USD fell during the course of the day on Thursday, breaking down significantly. In fact, we are already testing the 1.63 handle, and as a result we feel that the market will continue to sell off and probably aim for the 1.60 handle, giving traders an opportunity to sell this market again and again every time it bounces. The 1.65 level should now be a bit of a ceiling, and as a result we are very bearish of this pair. In fact, we see no way to go long of this market until we clear the 1.66 handle, something that doesn’t look very likely.
