GBP/USD Forecast November 8, 2016, Technical Analysis

The GBP/USD pair fell during the day on Monday, as the 1.25 level has offered resistance yet again. Ultimately, I believe that this market will continue to go lower, perhaps reaching towards the 1.22 handle below. If we can make a fresh, new high, it’s likely that we will try to get all the way up to the 1.2850 level, which has previously been massively supportive and should now be massively resistive. I still believe in the longer-term downtrend, so therefore I’m waiting to see whether or not we can break down below the bottom of the range during the day on Monday.