The Pound rallied against the dollar last week and reached resistance, that move was not supported by fundamentals and as a consequence the trade ran out of steam. I cannot exclude another attempt to break this resistance but the dollar has been weak for a while now and the risk/reward for a bearish
pound is too good not to be considered. Be nimble until we break the 1.54 support, after which I would feel more comfortable shorting the pound.
Check out this post on my blog: