The GBP/USD pair fell during the course of the session on Monday, but found the 1.50 level to be supportive enough to cause a little bit of a bounce again. With that being the case, we feel that the market will more than likely consolidate in this general vicinity, perhaps bouncing as high as the 1.53 level. However, we recognize that there is a lot of downward pressure on this pair right now, so we are not overly excited to take a long position. If we break down below and get a fresh, new low, ultimately we believe that the area all the way down to the 1.48 level causes quite a bit of choppiness as there is a massive support down.
