GBP/USD Forecast April 5, 2017, Technical Analysis

The GBP/USD pair fell significantly during the day on Tuesday, but we continue to see support near the 1.24 handle. Ultimately, I believe that the market will continue to consolidate between the 1.24 level and the 1.25 level in the short term. There are a lot of headlines coming out for in against the British pound, so it is going to be difficult to deal with. Given enough time though, I believe that the buyers will prevail but it’s going to be very difficult over the next several sessions to hang onto a trade for any real length of time.