GBP/USD Forecast December 16, 2016, Technical Analysis

The GBP/USD pair broke down below a trend line during the session on Thursday, slicing through the 1.25 level. If we can continue to go lower, and I think we will, we should reach towards the 1.23 level, and then eventually the 1.20 level after that. Short-term bounces that show signs of exhaustion should be selling opportunities going forward, and that’s exactly how I’m trying to trade this market. I have no interest in buying the market unless we can get above the previous uptrend line, so at this point it’s “sell only” for me.