GBP/USD Forecast January 12, 2017, Technical Analysis

GBP/USD daily chart, January 12, 2016

The GBP/USD pair fell on Wednesday, testing the 1.20 level. We found enough support there to turn the market back around but I believe that the downward momentum continues. If we can break below the 1.20 level, the market should then reach towards the 1.15 level underneath that which of course is a massive support level on the monthly chart. If we do rally from here, I’m waiting to see some type of exhaustion above to take advantage of “value” in the US dollar going forward. Regardless, expect quite a bit of volatility.

Written by FX Empire