GBP/USD Forecast December 9, 2016, Technical Analysis

The British pound initially went higher during the day on Thursday but found enough resistance of the previous 50% Fibonacci retracement level again to turn things around and start falling. The market has a supportive trend line underneath, and because of this it looks as if the market will have a bit of support to deal with. If we can break down below the 1.25 level however, the market should continue to go much lower, perhaps down to the 1.23 handle. I think that rallies will continue to offer short-term selling opportunities on signs of exhaustion.