GBP/USD Forecast May 23, 2016, Technical Analysis

The GBP/USD pair broke down below the bottom of the shooting star from the Thursday session during Friday, and as a result we broke down below the 1.45 handle and close towards the bottom of the range. There is plenty of noise just below, and as a result it’s likely that it will be difficult to continue to go lower at this point. It’s not that we can’t, it’s just that it won’t be easy to deal with that type of volatility. Rallies at this point in time will have to deal with a significant amount of noise above as well. Quite frankly, this is a tough pair right now.