GBP/USD Forecast October 25, 2016, Technical Analysis

The GBP/USD pair went back and forth during the course of the day on Monday, as the market simply seems to be stabilizing around the 1.22 handle at the moment. However, I do recognize that there is a lot of bearish pressure here, so as soon as we rally I am going start looking for exhaustive candles that I can start selling again. A break down below the 1.20 level should be a signal that we’re going to go to the 1.15 level, which is massively supportive on the monthly chart. I have no interest in buying, and will simply look for selling opportunities going forward.

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