GBP/USD Forecast October 7, 2016, Technical Analysis

The GBP/USD pair broke down during the course of the session on Thursday, slicing through the bottom of the hammer on Wednesday. That being the case, it looks as if the market drives down to the 1.25 level. Any rally at this point in time should be a selling opportunity, and as a result it’s very unlikely that the market can be bought into we get above the 1.2850 level. Once we get above there, then I think that we will have a significant move, but anywhere between here and there an exhaustive candle could show an opportunity to start selling yet again.

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