GBP/USD Forecast August 5, 2016, Technical Analysis

The GBP/USD pair fell significantly during the day on Thursday as we continue to consolidate overall. We have been testing the 1.30 level below for support, and the nonfarm payroll numbers coming out today could possibly be a catalyst to drive money into the US dollar. However, this is a market that currently is consolidating and has a massive amount of support all the way down to the 1.28 handle. Ultimately, any rally at this point in time should find exhaustion above, so I would look at that as perceived “value” in the US dollar.