GBP/USD Forecast August 2, 2016, Technical Analysis

The GBP/USD pair went back and forth during the course of the day on Monday, showing signs of confusion. With this being the case, the market looks as if it is going to continue to consolidate sideways, and as a result it looks as if any rally will more than likely be a selling opportunity. If we can break down below the 1.30 level, I think we could then reach towards the 1.28 level, which is the bottom of the support, and a break down below there is a longer-term sell signal. I believe that the 1.35 level above is the “ceiling” in this market.