The GBP/USD pair bounced during the session on Tuesday, using the 1.55 level as it bit of a springboard. With that being the case, looks like we’re not ready to break down below the 1.55 handle, but sooner or later we still believe that happens. With that, we are very bearish of this market in general, but recognize that a little bit of a bounce might be needed in order to build up momentum to break to the downside. Once that happens, we anticipate this market heading down to the 1.50 handle given enough time.
