GBP/USD Forecast January 27, 2016, Technical Analysis

The GBP/USD pair initially fell on Tuesday but turned back around to break above the 1.43 level. This is a fairly positive sign, but at this point in time we still believe that the 1.45 level above will offer resistance, and we are most certainly in a massive downtrend. We are simply waiting to see whether or not we get a resistive candle above in order to start shorting this market as the downtrend has been so strong. We believe that the 1.40 level below will be supportive though, so don’t expect a massive meltdown anytime soon.