GBP/USD Forecast March 7, 2016, Technical Analysis

The GBP/USD pair initially fell during the course of the day on Friday, but then shot higher in order to form a positive candle. It looks as if the market should continue to go little bit higher, but there is so much in the way of resistance that we feel it’s only matter of time before the sellers get involved. On an exhaustive candle, we will not hesitate to sell this market as it should then find plenty of sellers going forward. At that point, we would anticipate a move back down to the 1.40 handle.