The GBP/USD pair broke down during the course of the day on Monday, as we continue the downtrend. The downtrend has been fairly strong, and we have broken down below significant support. Because of this, we feel that the market should continue to go much lower, and we also believe that we will head to the 1.55 handle. We believe that this market is one that you can sell every time it bounces, as the 1.60 level should is essentially be the “ceiling” in this market going forward. We have no interest in buying this market.