GBP/USD fell hard on Monday, and looks vulnerable all of the sudden. However, there are two serious areas of support below that should come into play soon. We see the 1.60 level as a large round number that will command a reaction, and the 1.58 level was the top of the resistance that gave way when the ascending triangle broke this summer.
The USD/JPY pair fell on Monday, but bounced off of the 78 handle. The pair looks like it wants to continue to consolidate between the 79 and 77.50 levels. We are in the middle, but we now have clear levels in which to range trade.
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