GBP/USD Forecast November 7, 2016, Technical Analysis

The GBP/USD pair rallied during the session on Friday, we continue to break out to the upside. However, if think that the market does go higher it’s likely that we will find a significant amount of resistance or the 1.2850 level as we have been in a longer-term downtrend. With this being the case, I waiting to see whether or not we get an exhaustive candle that we could take advantage of. With the presidential election coming out tomorrow, it is very likely that the markets might be somewhat quiet in the meantime though, making this a difficult market to be involved with.