GBP/USD Forecast February 10, 2016, Technical Analysis

The GBP/USD pair went back and forth during the course of the day on Tuesday, as we continue to bounce off of the 1.44 handle. Quite frankly, there is a significant amount of support just below, so we could bounce, but then again you can also say that wearing a longer-term downtrend so we could fall. In other words, we feel that there’s far too much noise at this point in time to be bothered in this market. We do think that eventually the market will have to make an impulsive move, and when it does we are more than willing to follow that move but at this moment we are on the sidelines.

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