GBP/USD Forecast May 21, 2014, Technical Analysis

The GBP/USD pair rose during the session on Tuesday, breaking the top of the shooting star for Monday. We are bullish of this market anyway, so it doesn’t surprise us that the buyers step back in. If we broke the top of the range for the Jews a candle, that would of course be another buy signal, and have this market heading to the 1.70 level. Going forward, we expect this market to eventually hit that level and go farther to the upside, but do recognize the potential for pullbacks in the immediate future.