GBP/USD fell hard during the Monday session as the trading world continues to be unnerved by the debt issues in the EU. There was a run to the Dollar overall in the markets, and this pair was no different. As brutal as the sell off was, we are still in consolidation.
EUR/USD had a brutal day, and continues to grind lower at this point. However, the news will continue to rock this market, making it very difficult to trade the pair. The Euro is without a doubt the toughest currency to grasp at the moment, and at any time a headline can come out to move it.
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