GBP/USD Forecast April 4, 2014, Technical Analysis

The GBP/USD pair had a pretty volatile session on Thursday, but ultimately settled on selling off for the day. This market looks like it’s trying to continue to go lower, perhaps trying to reach the 1.65 level. That level should be rather supportive though, and going forward we feel that buyers will step into the market in that general vicinity. We will wait until we get some type of supportive candle before we start buying though, and as a result we are on the sidelines at the moment. Ultimately, we still expect to see the 1.70 level tested.