GBP/USD Forecast August 16, 2016, Technical Analysis

The GBP/USD pair initially tried to rally but then turn right back around to form a negative candle. By doing so, looks as if we are going to continue to go lower, and reach towards the vital 1.28 level. I believe that a break down below there sends this market looking towards the 1.25 handle given enough time. Rallies should continue to offer resistance at the 1.30 level above, an area that had previously been support. I have no interest in buying this market, as there is quite a bit of negativity when it comes to the British pound in general.