GBP/USD continues to sit at the absolute lows of a recent trading range in the neighborhood of 1.5750. The pair had broken below that, and even with stocks rising, this "risk on" pair couldn't get much of a bid. To us this screams that something is wrong with the pair and it looks weak.
GBP/CHF has bounced from the SNB's floor of 1.37 yet again. While this pair cannot be shorted, (Unless you want to take on the Swiss National Bank) it can be bought on signs of a Pound bounce. If the GBP/USD rises - the real play might be over here.
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