The GBP/USD pair went back and forth on Monday, essentially doing nothing. There is a massive amount of support just below the 1.20 level though, so having said that it’s likely that any attempt to go lower will be met with quite a bit of support. I believe at this point in time the market will simply grind its way sideways, and therefore it may not be that interesting to trade at the moment. If we did break down below the 1.20 level however, that would be an extraordinarily negative sign. Rallies at this point in time should offer exhaustive candles that we can sell at higher levels.