GBP/USD Forecast May 20, 2014, Technical Analysis

GBP/USD initially tried to rally during the session on Monday, but turned back around and form a shooting star. Because of this, we feel that the market could have a short-term pullback, but at the end of the day we are not interested in being involved in it. On the other hand, if we could break down and find a supportive candle lower, we would be more than willing to buy that, or by a break of the top of the shooting star from the Monday session. Both of those should send the British pound higher, which is what we expect to see sooner or later anyway.