The GBP/USD pair fell during the initial part of the session on Monday, and then bounced to form a hammer. We are just below the 1.57 level, so it appears that the market is going to run into a significant amount of resistance above. We believe that there is plenty of resistance all the way to the 1.60 handle anyway, so we are simply looking for a resistant candle in order to start selling this market yet again. We believe that we are heading to the 1.55 level next, and then perhaps the 1.50 level.
