The GBP/USD pair went back and forth during the course of the session on Tuesday, showing quite a bit of volatility, yet lack of real direction for the day. Ultimately though, we prefer selling this market so we will look for short-term rallies that show signs of exhaustion in order to short as this market most certainly will continue to favor the US dollar as most of the Forex world does as well. Ultimately, we believe that eventually this market could break down below the 1.50 level, and when it does we could fall significantly from there.
