The GBP/USD pair fell significantly during the course of the day on Thursday, breaking the back of a hammer from the Wednesday session. Because of this, and the fact that we close towards the bottom of the range, it looks as if the market should continue to go much lower. We ultimately believe that the pair will drop down to the 1.45 handle, and at this point in time you have to feel that anytime this market rallies, it should be a selling opportunity on signs of exhaustion. At this point, we have no interest in buying.
