GBP/USD Forecast October 5, 2016, Technical Analysis

The GBP/USD pair broke down significantly during the course of the day on Tuesday, slicing through the 1.2850 level. By doing so, looks as if the market will continue to go much lower, perhaps reaching down to the 1.25 level after that. I have no interest whatsoever in buying this market and recognize that bounces will more than likely offer quite a bit of selling opportunities going forward, especially on signs of exhaustion. I believe that the 1.2850 level will continue to be massively resistive now that the support has been sliced through.

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