The GBP/USD pair initially tried to rally during the course of the day on Tuesday, but turned back around and fall significantly. We still believe that this market is going to eventually reach towards the 1.40 level, and with that being the case we are sellers of short-term rallies as the market seems to be very bearish overall. We think that the 1.45 level above is the “ceiling” in this market, and that we will not be able to rise above there anytime soon. Because of this, we have no interest whatsoever in buying this market.
