GBP/USD Forecast October 20, 2016, Technical Analysis

The GBP/USD pair initially tried to rally during the course of the day on Wednesday, but turned right back around to show a slightly negative candle. With this being the case, it looks as if the market should reach down to the 1.20 level below, which I see as a massive floor. The meantime, simply selling short-term rallies will be the way to go, and it’s almost impossible to buying this market as there is so much negativity around the British pound out the moment. Currently, short-term trades seem to be the best way to go as there is quite a bit of noise just below.

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