GBP/USD Forecast November 22, 2016, Technical Analysis

The British pound rose rapidly against the US dollar during the day on Monday, slamming into the 1.25 handle. This is an area that has been important more than once, so it would not surprise me at all to see selling pressure reenter the market. However, I don’t have that candle yet so I have no interest in shorting. I need to see an exhaustive daily candle in order to short from here. Alternately, I think there’s a lot of noise just above so I would not be comfortable buying. Currently, this is a “wait and see” type of situation.

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