GBP/USD Forecast January 10, 2017, Technical Analysis

The GBP/USD pair fell again on Tuesday, breaking down to make a fresh, new low. Although we did bounce towards the end of the session, I think this clearly suggests that we are going to make a move lower, perhaps reaching towards the 1.20 level finally. I think that rallies offer selling opportunities on short-term charts, and I have no interest whatsoever in buying the British pound currently. Because of this, I am a seller and believe that the 1.25 level above is the ceiling in the market. Given enough time, I expect the market to go below 1.20.