The GBP/USD pair broke higher during the course of the day on Tuesday, showing that there is in fact some buyers out there. However, we see a significant amount of resistance above, and as a result it looks like the sellers will probably step back into the market close to the 1.60 handle. This is a market that has plenty of bearish pressure in it, and with that being the case we have no interest whatsoever in buying this market recognizing that the marketplace has stated its opinion and its desire to go much lower.
