GBP/USD Forecast October 12, 2016, Technical Analysis

The GBP/USD pair fell significantly during the day on Tuesday, as we continue to reach towards the 1.20 level. The initial flash crash support should give way given enough time though, so any type of rally at this point in time will more than likely offer some type of exhaustive candle that we consider selling again. Once we do break down below the 1.20 level, the market should continue to go even lower than that. Ultimately, I think buying is almost all but impossible at this point in time and therefore I only look for selling opportunities.

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