GBP/USD Forecast January 21, 2016, Technical Analysis

The GBP/USD pair had a slightly positive session on Wednesday, as the 1.42 level continues to attract a lot of attention in this market. At this point, we think that any rally should end up being a selling opportunity, because quite frankly this is such a bearish market. We like selling exhaustive candles after short-term rallies, and of course a break down below the bottom of the range for the session on Wednesday itself. We believe that this market is reaching towards the 1.40 level given enough time. Because of this, we sell and sell again.