The GBP/USD pair broke down during the session on Thursday, slicing all the way down to the 1.47 handle. The candle is long in red, so quite frankly it does look like we will more than likely have quite a bit of continuation. If we can break down below the lows, we feel that the market should then head to the 1.45 handle, which of course has been our longer-term target anyways. Rallies should continue to be selling opportunities, as the 1.48 level should provide resistance. We have no interest in buying at this point in time.