GBP/USD Forecast February 15, 2017, Technical Analysis

The GBP/USD pair initially tried to rally on Tuesday but turned around to break below the 1.25 handle. This is an area that’s a bit of a magnet for price, so it doesn’t surprise me that we’ve seen choppiness. Volatility picked up as Janet Yellen spoke in front of Congress, as one would expect. I believe that given enough time the buyer should return though, so looking for a supportive candle at lower levels is probably the best way to play this market. A break above the top of the range for the day would also be a very positive sign.