The GBP/USD pair initially fell during the session on Monday, but found enough support below the 1.46 level to turn things back around and form a fairly positive looking candle. However, we think there’s enough resistance of the 1.48 level to keep the market to the downside, so we look at this is simply an opportunity to start selling yet again. We believe that the US dollar continues to be the strongest currency in the world, and as a result we look at any rally as potential value in the greenback. We would not hesitate to sell a resistive candle. On the other hand, if we break down below the bottom of the candle for the Monday session, we would be sellers there as well as we still have a target of 1.45 in this pair.
