GBP/USD Forecast October 26, 2016, Technical Analysis

The GBP/USD pair fell during the day on Tuesday, but bounced enough to form a bit of a hammer. It makes a lot of sense that we would see it here, because the 1.20 level is still psychologically important, and has offered quite a bit of support in the past. With this in mind, it’s likely that we will get a bounce but I am simply looking at this bounce as an opportunity to sell from higher levels as soon as we see signs of exhaustion. With this, I am patiently waiting to start shorting again.

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