The GBP/USD pair initially tried to rally during the day on Monday, but turned back around to form a very negative looking candle. The shooting star at the bottom of a downtrend is of course a very negative sign, and as a result we believe that a break down below the bottom of the range should continue to push this market down towards the 1.45 handle. We have no interest in buying, at least not until yet well above the 1.50 level which seems very unlikely at this point in time as the US dollar is so strong.
