GBP/USD Forecast May 3, 2016, Technical Analysis

The GBP/USD pair rose during the day, breaking out to a fresh new high on Monday. With that being the case, the market should continue to go towards the 1.48 level, and then eventually the 1.50 level. Pullbacks at this point in time should be supported below as well, and therefore if we do pullback we are willing to buy supportive candles. The 1.45 level should continue to see buyers there, so at this point in time this is essentially a “buy only” market, as the US dollar is struggling against most currencies around the world.