No bounce is always a bad sign and that is exactly what is happening in GBP/USD today. We have just traded through the the 200-day MA a few minutes ago and a break of 1.60 looms large now. The overnight MPC minutes had a distinctly dovish spin, as one analyst put it, showing a wide divergence in policy now between the ECB and BOE. Perhaps a reality check was necessary. Low so far 1.6025.