GBP/USD had a strong sell off for the session on Monday, and looks very vulnerable at this point. However, we are approaching the bottom of the recent consolidation area. The markets are going to be in a "risk on, risk off" type of situation again, and this pair will be a good barometer. We think the 1.57 level should keep a cap on rallies as well.
The NZD/USD pair fell hard as well, in a chart that in many ways looks almost identical to the cable. The pair looks vulnerable as well, but also has a massive area of support between the 0.78 and 0.79 levels, so we could have a fight on our hands.
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