The GBPUSD pair gapped lower at the open on Monday as anticipated, and as a result we continue to see selling pressure.

It looks as if the market is going to continue to be a bit on the soft side, so it makes sense that selling short-term rallies that show signs of exhaustion might be the way to go.

At this point in time, I have no interest in buying this market, because quite frankly it is one that will probably continue to have a lot of headline risk going forward as the United Kingdom has to figure out its way out of the European Union.

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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