GBP/USD Forecast February 5, 2015, Technical Analysis

The GBP/USD pair tried to break higher during the course of the session on Wednesday, but as you can see the 1.52 level offered enough resistance to form a nice-looking shooting star. Because of this, we feel that this market will more than likely continue to struggle and should fall towards the 1.50 level given enough time. With that, we are sellers overall, but ultimately feel that the market is probably going to continue consolidation more than anything else. After all, there is a massive amount of support below the 1.50 level, extending all the way down to the 1.48 handle.