GBP/USD Forecast March 4, 2016, Technical Analysis

The GBP/USD pair initially fell during the course of the session on Thursday, but turned back around to form a fairly positive candle. However, we believe that there is a significant amount of resistance above, especially near the 1.43 level, which was previously so supportive. With that being the case and the fact that we have the Nonfarm Payroll Numbers coming out today suggests that we could get quite a bit of volatility in a sudden reversal of the move. With that being the case, we are simply waiting to see whether or not we get an exhaustive candle in order to start shorting.