GBP/USD Forecast May 8, 2014, Technical Analysis

The GBP/USD pair fell slightly during the session on Wednesday, as the 1.70 level continues to offer resistance. This was a longer-term target of ours, and as a result we were happy to get out of the trade with a decent gain. Ultimately, we feel that this market will offer buying opportunities going forward, but we need to see a supportive candle. More than likely we will find enough buyers below to break through the 1.70 level, but it may take a little bit of time. Regardless, we are not selling this market.