GBP/USD has fallen with the "risk off" trade coming back into vogue on Monday. The session sees the pair falling and looking towards the 1.57 level - an area that was once resistance, and could become support. However, we feel that the session should be observed, and not traded as we should find out future direction in the next 24 hours.
GBP/JPY is in a similar situation. Perhaps the 120 will give us clues as to the direction for the pair over the next few weeks? The breaking to the down side and a daily close down there would be massively bearish, and with the trend. However, we need to see that in order to be certain. Until then - we wait to see if we bounce, or sell....
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