The GBP/USD pair fell during the course of the day on Monday, continuing the downward pressure that we have seen for several sessions. We believe that a break down below the bottom of the hammer from the Friday session is signal enough to start selling, just as a bounce from here and a resistive move would be as well. We have no interest in buying this pair, as the US dollar is without a doubt the strongest currency in the Forex markets right now, and ultimately cannot be shorted overall. If we break down below the hammer, we would anticipate testing the 1.55 handle, and then down to the 1.50 level.
