GBP/JPY Forecast May 23, 2016, Technical Analysis

The GBP/USD pair fell during the day after initially trying to rally on Friday, showing that we will more than likely try to reach down towards the support level at 158. Because of this, we would be sellers on a break below the bottom of the range, but realize this is a short-term opportunity at best. We don’t have any real interest in buying this pair, at least not until we get down there and find enough support. Alternately, we could be buyers if we can break above the top of the shooting star that would be reason enough to go long.