The GBP/USD pair broke down below the bottom of three separate hammers during the session on Friday, testing the 1.50 level. If we can get below the bottom of the range at the 1.50 level, we feel the market should then reach down to the 1.48 handle, and then eventually the 1.45 level. Rallies at this point in time should continue to bring in sellers, and we have no interest whatsoever in buying. What frankly, this point in time we feel that the 1.53 level is essentially the “ceiling” in this market.
