GBP/USD Forecast May 17, 2016, Technical Analysis

The GBP/USD pair rose during the day on Monday, as we found quite a bit of support initially. However, there is a lot of resistance all the way to the 1.45 handle, so in exhaustive candle gives us an opportunity to start selling again. On the other hand, if we can break above the shooting star from the Thursday session, we feel that the market will probably try to reach towards the 1.48 handle. If we break down, we will probably go no lower than the 1.41 handle, which of course was the bottom of the recent consolidation.

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