GBP/USD Forecast January 9, 2017, Technical Analysis

GBP/USD daily chart, March 09, 2017
GBP/USD daily chart, March 09, 2017

The GBP/USD pair broke down during the day on Wednesday, clearing the bottom of the Tuesday candle. It looks as if we are going to continue to grind a bit lower, perhaps down to the 1.2050 level. It is not into we break above the hammer from last week that I am willing to serve buying, unless of course we find a supportive candle just above the 1.20 level. Given enough time, I believe that the market should continue to see a lot of volatility but with the impending Article 50 coming, it’s likely that we could see more bearish pressure and then returned to the upside.

Written by FX Empire