GBP/USD Forecast July 29, 2016, Technical Analysis

The GBP/USD pair initially fell during the course of the session on Thursday, but as you can see we are still very much in consolidation. Because of this, I believe that the market will continue to go back and forth, offering buying and selling in a fairly tight range. With this being the case, the 1.30 level below should be supportive, but if we can break down below the 1.28 handle, this market could enter a bit of a freefall. A bounce from here that shows an exhaustive candle should be a selling opportunity as well.

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