GBP/USD Forecast February 3, 2017, Technical Analysis

The GBP/USD pair initially rallied during the day on Thursday, but found enough selling pressure to reach towards the 1.25 handle. We’ve seen quite a bit of volatility in the British pound over the last 24 hours, and a lot of this is due to the Bank of England releasing mixed signals as far as inflation and growth expectations. Nonetheless, I think there is still a significant amount of support down to the 1.24 handle, so until we break down below there I believe that supportive candles are used to go long. The jobs number coming out of America of course will add more volatility in the market today.