GBP/USD Forecast January 29, 2016, Technical Analysis

The GBP/USD pair rose during the course of the day on Thursday, but we still believe that there is quite a bit of downward pressure on this pair. Because of this, we are simply waiting to see some type of exhaustive candle in order to start selling as the longer-term trend is most certainly strong. We still believe that the British pound will reach the 1.40 level given enough time, but at this point in time where you wait for a resistant candle to start shorting this market yet again. We anticipate that the 1.45 level could offer quite a bit of resistance as well.

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