GBP/USD Forecast October 31, 2016, Technical Analysis

The GBP/USD pair fell during the course of the day on Friday but turned right back around to form a bit of a hammer. The hammer of course is a very bullish sign but I think that any bounce at this point in time it’s only a matter before the sellers return as we are very much in a downtrend. An exhaustive candle above should be reason enough to start selling, and I do think that eventually we will try to break down below the 1.20 level. However, it will take several opportunities going forward.