GBP/USD Forecast November 3, 2016, Technical Analysis

The GBP/USD pair rallied during the day on Wednesday, as we continue to find quite a bit of support just below. However, I see massive amount of resistance above here that could continue to push much lower. I have no interest in buying the British pound, I do think that eventually we break down. Exhausted candles above will be nice selling opportunities as it would represent “value” in the US dollar, which has recently been sold off against other currencies due to fears about the presidential election going differently than had been anticipated. However, I feel that is a bit of a “knee-jerk reaction.”

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