GBP/USD Forecast August 1, 2016, Technical Analysis

The GBP/USD pair rose slightly during the course of the session on Friday, as we continue to go back and forth overall. With this being the case, the market is likely to chop around but I do believe in the downward pressure still. I believe that rallies that show opportunities to start shorting, so on exhaustive candles, especially near the 1.35 level, which would only continue the longer-term downtrend that I expect to see. It’s not until we break down below the 1.28 level that we can short for the longer term though.

Economic Calendar