GBP/USD Forecast November 16, 2016, Technical Analysis

The GBP/USD pair fell on Tuesday, breaking below the 1.25 level. The 1.2350 level below is supportive, but I think it’s only a matter time before we break through that area due to the longer-term bearish pressure on the British pound. Even if we rally from here, we will have to deal with a massive amount of resistance at the 1.2850 level above. Ultimately, I think that the sellers come back but it comes down to whether or not we do it now, or at higher levels. I have no interest in buying this pair currently.