GBP/USD Forecast January 13, 2017, Technical Analysis

The GBP/USD pair tried to rally at the open on Thursday, but turned around to form a reasonably exhaustive candle. By doing so, the market looks as if it is going to continue to show quite a bit of choppiness and volatility. I still believe in the negativity when it comes to the British pound, but I also recognize that there is a lot of support just below. Because of this, the market will try to reach towards the 1.20 level underneath, and if we can break down below there, the market should continue to go even lower, perhaps down to the 1.15 handle.