The GBP/USD pair fell rather hard during the course of the on Friday, making a fresh, new low. Because of that, the market looks as if it is ready to go much lower, perhaps heading down to the 1.40 level. Rallies at this point in time should continue to be selling opportunities on signs of exhaustion, and we believe that the 1.46 level is essentially the top of the “ceiling” in this marketplace right now. Ultimately, we will continue to sell rallies, and of course fresh, new lows. At this point in time, the markets continue to favor the US dollar.
