The GBP/USD pair initially tried to rally during the course of the session on Monday, but as you can see ended up forming a shooting star as we closed just below the 1.51 handle. The real support is down at the 1.50 level though, so we do not consider this market broken down into we get below there. In the meantime, we will avoid this market as we think that the buyers and sellers both will continue to pushes market around sideways. Given enough time though, we think this market could make a fairly impulsive candle that we can follow.
