GBP/USD Forecast September 6, 2016, Technical Analysis

The British pound initially tried to rally during the day on Monday, but turn right back around to form a shooting star. The shooting star of course is a negative sign, and as a result I believe we are going to start falling yet again. This is a market that has been struggling for a while longer term, but recently has seen more or less a consolidative type of attitude. This makes sense considering that the summertime is low volume, so with that it’s likely that we will continue to bang around. A break down below the bottom of the candle for the session on Monday would be reason enough to think that the markets going to reach towards the 1.30 handle.