GBP/USD Forecast October 11, 2016, Technical Analysis

The GBP/USD pair did very little during the day on Monday as we continue to simply meander just below the 1.24 level. Ultimately, I believe that this market will have to make some type of move, but at this point in time it seems like we are simply waiting for the momentum to come back to this market. I believe that the 1.20 level below is the “floor”, and perhaps the target over the shorter-term. Rallies the show signs of exhaustion will more than likely be selling opportunities going forward as there is so much negativity about the British pound.