The GBP/USD pair initially tried to rally on Monday, but then turned back around to fall significantly. It looks as if we are heading down to the 1.5 level, which of course has some psychological significance but the overall trend has been pretty negative recently so we are much more comfortable selling at this point. We recognize there will be quite a bit of volatility, but ultimately this market should reach towards the 1.49 level over the course of the next several sessions. We have no real case for buying at the moment.
