The GBP/USD pair rose during the course of the session on Monday, showing quite a bit of strength. Ultimately, this is a market that has been consolidating between the 1.40 level on the bottom, and the 1.45 level on the top. Although the consolidation has been fairly strong, the one thing that we are paying attention to is the fact that the highs are getting a little bit lower each time, so perhaps there is more downward pressure than up. Ultimately though, we believe it’s going to be choppy regardless, as the Federal Reserve is taken a more dovish tone, and of course there are fears of the United Kingdom leaving the European Union.
