GBP/USD Forecast November 9, 2016, Technical Analysis

The GBP/USD pair did very little during the day on Tuesday, as we show quite a bit of choppiness now. Ultimately, this is a market that has quite a bit of support just below but ultimately we have a massive amount of downward pressure. I do think that we go down to the 1.20 level given enough time, but I also recognize that it’s going to be difficult to break through there so I think it will take several attempts. I believe that the 1.25 level will continue to be resistive going forward.

Economic Calendar