GBP/USD Forecast February 7, 2017, Technical Analysis

The British pound fell a bit during the day on Monday, as we find yourselves testing the 1.24 level. That’s an area that I think is the bottom of significant support, so if we can break above the 1.25 handle, the market should then go to the 1.27 level above. Regardless of what happens, I expect this market to be very volatile. If we breakdown below the 1.24 level, then we will approach the 1.2250 level where I think we will see even more significant support. Currently, I believe that the British pound is trying to change the overall trend, and that’s always a messy affair.

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