The GBP/USD pair initially tried to break out to the upside and above the 1.50 level on Thursday, but struggled and turned back around to form a massive shooting star. Because of this, we feel that the GBP/USD pair is ready to break down now, and a move below the 1.48 level does in fact confirm that. However, we recognize that it will be difficult to break down below there and believe that it could take a couple of different attempts to do so. Ultimately, we think that rallies will continue to be sold, and that the British pound will suffer the same fate as many other currencies have against the US dollar.
