The GBP/USD pair broke down during the session initially on Monday, but as you can see found a little bit of support below. Ultimately, we feel that this market is going to bounce from here, and head to the 1.55 level. With that being the case, we feel that the market will continue to fall from here, but needs to retest the support level at the 1.55 handle, something that is difficult technical analysis. We do believe that ultimately that this market is still heading to the 1.50 level, as it is the next major support area.
