The GBP/USD pair tried to rally during the course of the session on Monday, but found the 1.50 level to be a bit too resistive. Ultimately, we feel the market will then go back down to the 1.48 handle, as we continue to consolidate overall. If we break down below there, and more importantly the 1.4750 level, we would be sellers and heading towards the 1.45 level as far as we can tell. A break above the 1.50 level more than likely send this market looking for the 1.51 level. However, we definitely prefer selling.
