The GBP/USD pair broke down significantly during the course of the week, and even made a fresh, new low at one point. We are well below the 1.50 level, so that of course is a psychologically significant move to the downside. We believe that a break below the bottom of the range for the course of the week should send this market looking towards the 1.46 handle, and perhaps even lower than that. Rallies at this point in time should be selling opportunities, as the 1.52 level is massively resistive.
