The GBP/USD pair rose during the course of the session on Monday, as we bounced significantly above the 1.50 level. This is an area that should be massively supportive, based upon the large, round, psychologically significant number. Also, it has already offered support in the past, so it makes sense that the market would continue to show buyers in that region. Ultimately though, we see quite a bit of resistance of the 1.55 level, so we believe that this market continues to consolidate in general. We do prefer to the downside though, as the trend is most certainly negative.
