The British pound fell during the day on Friday, breaking below the 1.30 level at one point. I still believe that we will probably continue to go lower, perhaps reaching towards the 1.2850 level below. The negative candle that we have formed for the session on Friday tells me that there is still plenty of negative pressure in this marketplace, as we continue to punish the British pound for the exit vote out of the European Union. I believe that rallies and show signs of exhaustion are also selling opportunities as well.
