The GBPUSD pair fell during the day on Thursday, as we broke down below the 1.45 handle.

That is a negative sign, and as a result I believe that the market is going to continue to drop, perhaps reaching down to the 1.4350 level.

Buying really isn’t a thought at the moment, but I do recognize that there is a significant amount of headline risk coming out of the United Kingdom due to the boat on exiting the European Union.

In other words, this is a market that is going to be very difficult to navigate.

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.

Content curiosity of FOREXCycle