The GBP/USD pair fell hard during the session on Thursday, forming a massively large red candle. With that, we feel that the market is getting ready to break down from here and that the 1.55 level has in fact offered quite a bit of resistance. With this, we feel that the market should head to the 1.53 handle, which is a minor support level. Once we break below there, we should try to get down to the 1.52 handle which we think is massively supportive. We think that continued volatility will be the way going forward in this market.
