GBP/USD Forecast February 8, 2017, Technical Analysis

The British pound fell rather hard during the day on Tuesday against the US dollar, as the 1.25 level offered too much resistance. However, I do see that there is another support level down at the 1.2250 level, and it remains to be seen whether the buyers are going to be able to push this market above the 1.24 handle. Because of this, I believe that short-term bearishness may return but buyers should be just around the corner. Expect a lot of volatility, just as we typically have on trend changes, which I still think is a possibility of what’s going on.