GBP/USD Forecast February 22, 2016, Technical Analysis

The GBP/USD pair initially fell during the day on Friday but found enough support near the 1.4250 level to turn things around and form a bit of a hammer. At this point in time, it looks like we will probably bounce. However, there is a significant amount of resistance above that should continue to work against the value of the British pound. We are sellers on exhaustive candle above, and not interested in buying at this point. We recognize the 1.45 level is where we start to see serious selling opportunities going forward.