GBP/USD has been beaten up pretty badly over the last several sessions, and the Friday markets did little to raise hopes for the bulls. Granted, the session was essentially unchanged, but with the recent fall, many would have thought a bounce was coming.

The doji sitting right on the 1.5650 level suggests that we are building pressure to the downside in order to keep falling. In fact, we think this is very probable. We are selling a daily close below that mark, and fading rallies that show weakness in the form of daily exhaustion candles.