GBP/USD Forecast July 23, 2015 Technical Analysis

The GBP/USD pair broke higher during the course of the session on Wednesday, but turned back around to form a shooting star. With that, we believe that this market will probably try to drift a little bit lower but there should be plenty of buyers below. We think that the 1.55 level is supportive, and as a result we think that this market will then go to the 1.58 level. It will be volatile, as the Forex markets continue to be, and as a result it will take a certain amount of tenacity to hang onto a long position.