GBP/USD Forecast September 2, 2016, Technical Analysis

The GBP/USD pair rallied during the course of the session on Thursday, but we are still well within the consolidation area. Quite frankly, I would expect to see some type of exhaustive candle just above in order to take advantage of what has been a very strong downtrend in this market. With this being the case, I’m on the sidelines but quite frankly waiting to see what the jobs number does of this pair. I still bearish at the moment, and believe that the sellers are very much aware of what’s going on. On top of that, volume has been fairly light lately, so given enough time it should pick up, and I believe that selling will continue.