GBP/USD Forecast May 5, 2016, Technical Analysis

The GBP/USD pair initially tried to rally during the day but then dipped below the 1.45 handle. Ultimately, we ended up forming something akin to a shooting star so it looks as if the market is trying to break down but I see quite a bit of support all the way down to the 1.44 handle. Because of this, I’m sitting on the sideline of this market as it is difficult to imagine this market been over to move rather easily in this general vicinity. I’m simply going to wait to see which way the market breaks, and that I will follow.