The GBP/USD pair broke down during the session initially on Thursday, but the 1.48 level offered enough support to turn things back around and form a hammer. The hammer of course suggests that we are going to go higher, but ultimately there is enough resistance at the 1.50 level to keep us bearish of this market, and looking for selling opportunities as they appear. Ultimately, we believe that the market is going to essentially grind sideways overall, as the market has been fairly tight recently. With that, we are on the sidelines at the moment but with a negative bias.
