GBP/USD Forecast October 10, 2016, Technical Analysis

Daily Forex Reports | by FX Empire | Saturday, 08 October 2016 07:06 UTC
The GBP/USD pair fell a bit during the course of the session on Friday, but then turned back around to form a hammer. Ultimately, I believe that the market will find plenty of resistance above, so quite frankly I feel that this bounce will be short-lived and therefore anytime from exhaustive candle above should be a nice selling opportunity. I also believe that a break down below the bottom of the hammer would signal that the market should then go down to the 1.20 level given enough time. I believe also that the 1.2850 level above is massively resistive.

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