GBP/USD Forecast July 28, 2016, Technical Analysis

The GBP/USD pair initially fell during the day but did bounce a bit to form a slight hammer. I believe that this market is going to continue to consolidate just above the 1.30 level, so short-term buying opportunities could present themselves, just as short-term selling opportunities could on signs of exhaustion above. I’m not looking for any major move at this point in time, I believe that this market is simply trying to catch his breath after the major meltdown. Because of this, I’m not really wanting to put too much in the way of a sizable position on in this market.