GBP/USD Forecast January 4, 2017, Technical Analysis

The GBP/USD pair went back and forth on Tuesday, but ultimately settled on a somewhat neutral candle. I think the we could bounce from here, but we should find plenty of resistance above. I’m waiting to see whether we get some type of exhaustive candle that I can start selling again or a breakdown below the bottom of the range for the session on Tuesday. I still have a target of 1.20, and possibly lower than that. I have no interest in buying, I believe there far too many concerns about the so-called “Brexit” on the minds of traders.