The GBP/USD pair went back and forth on Monday, but ultimately settled on a fairly neutral looking candle just above the 1.50 level. It’s an obvious large, round, psychologically significant number, so a bounce off of the 1.50 level is hardly a surprise. We believe that this bounce should present selling opportunities at higher levels though, so we will wait until rallies exhaust themselves in order to start shorting again. On the other hand, if we break below the 1.50 level that is the “all clear” to start selling this market yet again.
