GBP/USD Price Forecast August 24, 2017, Technical Analysis

GBP/USD daily chart, August 24, 2017

The GBP/USD pair had a choppy session on Wednesday, initially tried to rally, but felt yet again. Ultimately, we have broken below the 1.28 level, which is a very bearish sign. I think that the 1.2850 level above will eventually offer enough selling pressure to turn this market back around though. I like selling short-term rallies, as the market will more than likely continue to be a bit leery of owning the British pound with the upcoming negotiations. The 1.29 level above should be resistive as well, so I think somewhere between the 1.2850 level in the 1.29 level we should see sellers come back into the market. Alternately, if we break down below the lows of the day, I think we should continue to go lower. I have a target of 1.2650 in the short term.

Written by FX Empire