GBP/USD Forecast July 27, 2016, Technical Analysis

The GBP/USD pair went back and forth during the course of the day on Tuesday, as we continue to bounce above the 1.30 level. This is a market that is very negative overall, but looks as if it is trying to take some type of break away from the massive amount of bearish pressure that we had seen. At this point, I believe that short-term rallies and show signs of exhaustion could be selling opportunities in a market that continues to grind away between the 1.30 level on the bottom, and the 1.35 level on the top. Given enough time though, this market will break down.