The British pound fell a bit during the session on Monday, but again of course we have just had the May Day celebrations, which of course would naturally work with lesser volume. I believe that the 1.2750 level underneath continues to be support, and I think that it’s only a matter of time before the buyers return on a pullback. I like the idea of reaching towards the 1.30 level above, and after that the 1.3450 level after that as it is the top of the previous consolidation area. I think that the British pound will continue to break out and grind much higher, as it has certainly broken above a major barrier. As long as we have more of a “risk on” type of marketplace overall, it’s likely that the British pound will continue to rally. I have no interest in shorting this market, least not until we break down below the 1.2750 level underneath, on a daily candle. If that happens, I think we would probably drop to the 1.2550 level but I do not expect it to happen.