GBP/USD Forecast November 23, 2016, Technical Analysis

The British pound fell during the day on Tuesday, as the 1.25 level has offered quite a bit of resistance. Because of this, looks as if the sellers are trying to come back, and I think that this area should continue to be somewhat important. I believe that the longer-term downtrend should continue given enough time, or at the very least persuade buyers to stay away. With this in mind, I believe that it is only a matter of time before rallies get sold. I also believe that the market had to rally from here in order to build up enough momentum to substantially test the 1.20 level later.