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The GBP/USD pair fell during the week to retest the bottom of the previous week's hammer. It did pierce the bottom of that range, and this of course is very bearish. At the moment, the pair is sitting just under the 1.55 level, and this does suggest that perhaps the bearish pressure is starting to build. The real question of course is going to be whether or not 1.55-ish can cause another reaction to get the bulls to step back in. We rather doubt it, as the headline risks are too great at the moment. Any bounce of this point time would more than likely just lead to further selling. It isn't so much a problem with the British pound, rather a run to the US dollar. We suspect that the 1.5250 level will be tested again and possibly broken finally.