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The GBP/USD pair fell slightly during the Monday session as the stock markets around the world fell. The pair is highly risk-sensitive, and as a result it makes sense that the pair would lag on a day that stocks and futures all fell.
The candle for the session is a slight hammer, and as such it looks like we are going to bounce in the mean time. The 1.5550-ish level is the start of support in this market, and the 1.57 level is the “top” of the recent action. Because of this, we think that this pair will simply grind sideways overall in the near term, and because of this we aren’t expecting much out of this pair until after the European summit at the end of the week. If the Europeans don’t come up with some kind of solution this week – this pair will fall.