The GBP/USD pair bounced at the open on Monday, breaking well above the 1.5250 level. However, we recognize that this market has recently broken down significantly, and even though the 1.52 level looks to be rather supportive, the truth is that we broke a very reliable uptrend line recently, and that leads us to believe that this market will sell off again given enough time. We are simply waiting for resistive or a soft looking candle in order to start selling again. It makes sense that we bounced off of the 1.52 level, as it will probably take a significant amount of momentum to break down through here.
