The GBP/USD pair broke down during the course of the day on Tuesday, testing the 1.59 level. That level of course offers last vestiges of support, but if we break down below there we should head to the 1.55 level. That of course would be very bearish move, but it appears that the US dollar will continue to strengthen against most currencies, so the British pound probably will be a whole lot different than anyone else. With that, we are bearish but recognize we need to clear the 1.59 level in order to start selling again.
