The GBP/USD pair broke down during the course of the day on Tuesday, as we continue to see quite a bit of volatility. However, the 1.50 level below is supportive, so we are quite ready to start selling right now. On top of that, we have the FOMC Statement coming out today which can change the way this market behaves in an instant. With that, we are sitting on the sidelines and waiting see how things shake out in this marketplace at the end of the day. At the moment, it’s probably best to simply observe.