The GBP/USD pair rose during the course of the day on Monday, but as you can see ran into a bit of trouble at the 1.63 handle. With that, it appears that the market is ready to drift a little bit lower, and we now believe that a break below the bottom of the trading range for Monday sends this market down to the 1.60 handle eventually. This doesn’t mean that we expect some type of meltdown, just that the market isn’t ready to go higher at this point in time. With this, we are not interested in buying quite yet.
