GBP/USD Forecast August 10, 2016, Technical Analysis

The GBP/USD pair fell during the course of the day on Tuesday, but found enough support underneath the 1.30 level to turn things around and form a bit of a hammer like candle. There is a massive amount of support all the way down to the 1.28 level, so this point in time I think we will have to attempt to break down below there in order to make any serious attempt at a longer-term downtrend. Rallies that show signs of exhaustion above will continue to be selling opportunities as far as I can see.