GBP/USD Forecast November 1, 2016, Technical Analysis

The GBP/USD pair initially fell during the day on Monday, but turned around to form a little bit of a supportive candle. If we can rally above the top of this hammer, the market should then try to reach towards the 1.25 level next. A break above there should send this market to the 1.2850 level after that, where I see a massive amount of resistance. Any exhaustive candles should be reason enough to short this market, and I think that the 1.20 level will eventually get broken. Once we got below there, market should then reach to the 1.15 handle.

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