The GBP/USD pair initially tried to rally during the course of the day on Thursday but found more than enough resistance of the 1.50 level to turn things back around to fall significantly. We ended up forming a fresh, new low though, and that tells us that the market is ready to continue to go much lower. Ultimately, we are sellers on short-term rallies, and of course a break down below the bottom of the range. We feel that the market should then target the 1.45 handle given enough time. We have no interest in buying.
