The GBP/USD pair initially tried to rally during the course of the session on Tuesday, but turned back around to form a fairly negative candle. It appears that we are reaching down towards the 1.50 level, where we have seen quite a bit of support in the past. Ultimately though, we do think that the market will probably try to break down below there, so we are sellers on rallies as they appear. A move below the 1.50 level should send this market down to the 1.48 handle after that. We have no interest whatsoever in buying.
