The GBP/USD pair continues to grind lower as you can see, as the market now looks like its set to go towards the 1.55 handle. A break below the 1.58 level, we believe that’s essentially the “greenlight”, and as a result we are sellers only. We also look at rallies as selling opportunities going forward, because of the overall bearish is in fact that we have broken down below a significant hammer. There’s no interest in buying the British pound at this point, as the US dollars most certainly the most favored currency by Forex traders around the world.
