GBP/USD Forecast May 9, 2016, Technical Analysis

The GBP/USD pair initially tried to rally during the course of the day on Friday, but found the area above the 1.45 level as far too resistive to continue going higher. By doing so, looks as if we are going to grind down to the 1.44 handle. If we can break down below there, and then becomes a selling opportunity. On a break above the top of the shooting star, it would be a buying opportunity and should send this market looking towards the 1.47 handle. Regardless, expect quite a bit of volatility.