The GBPUSD pair fell significantly during the course of the session on Friday, breaking down below the bottom of the hammer from the Thursday session.

We tested the 1.45 level for support, and as a result it looks as if we are trying to break down. If we can get below the 1.45 level though, that should accelerate the downside for this pair.

Any rally at this point in time should be a selling opportunity though, and we would simply wait for a rally that show signs of exhaustion in order to start shorting this market yet again as the US dollar is most certainly much stronger than the British pound.

Editor’s Note: Equity investors/traders can use the Currency Shares British Pound Sterling Trust (FXB, quote) ETF to take positions in the yen without a FOREX account.  The ETF looks to track the price of the British Pound Sterling (GBPUSD), minus ETF fee. The fund seeks to reflect the price of the British Pound Sterling (GBPUSD) with the shares representing a cost-effective investment relative to investing in the FOREX market.

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