By FX Empire.com
The GBP/USD fell on Monday as the Dollar continued to gain against all other currencies. The cable is particularly sensitive to the problems in the EU as so much of the UK’s economy is based in the financial sector. With this in mind, we have been selling this pair on rallies. While we haven’t made a new low, it appears this will be the case soon. The 1.55 level has been broken again, so we feel the path of least resistance is still down. We sell all rallies at this point.
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