GBP/USD Forecast February 10, 2017, Technical Analysis

GBP/USD daily chart, February 10, 2017

The British pound went back and forth during the day on Thursday, showing signs of volatility. It looks as the 1.25 level will continue to be supportive, so a break above the top of the candle should send this market looking towards the 1.27 level above. Support just below the 1.25 level is strong, so I believe the pullbacks offer value that we should be taking advantage of. Longer-term, I believe that the British pound is trying to form a bottom, which is always a massive task, and of course causes for messy trading. Nonetheless, I believe the buyers are coming back.

Written by FX Empire