GBP/USD Forecast February 9, 2016, Technical Analysis

The GBP/USD pair fell initially during the course of the day on Monday, but found enough support near the 1.44 level to turn things back around. By doing so, the market looks as if it is trying to bouncer here but we recognize that there is a lot of resistance above. Once we do break out above the top of the shooting star from a couple of sessions ago, the market is free to go higher but ultimately we think that there is going to be a lot of volatility in this area, and therefore the markets going to be a lot of back-and-forth type of trading.