GBP/USD Forecast November 18, 2016, Technical Analysis

The GBP/USD pair tried to rally on Thursday but found the 1.25 level above resistive enough to turn things around and form a shooting star. This matches the shooting star from the previous session, so I believe that we could continue to see some selling pressure going forward. However, it’s not until we break down below the 1.2350 level below that I would feel comfortable selling. There are many reasons the think that the US dollar continues to strengthen against most currencies, and the British pound probably won’t be any different. With that, I remain bearish but I also recognize that this area has a lot of noise associated with that, so it may take some patience to go forward.

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