The British pound fell on Wednesday, testing the 1.2550 region. At this point, I believe that we could rally but the 50% Fibonacci retracement ratio has offered quite a bit of resistance. I think that we are starting to see the first vestiges of the market rolling over again, and if we can break below the previous uptrend line, I feel that the market will then continue to go much lower. It might not necessarily be a straight shot lower, but it will drift to the downside. A break higher then would have the British pound testing the 1.2850 level, an area that I consider the “ceiling” in this market.