GBP/USD Forecast August 8, 2016, Technical Analysis

The GBP/USD pair went back and forth during the course of the session on Friday, as we found the 1.30 level to be supportive. I believe that there is a significant amount of support below the 1.3 level that extends all the way down to the 1.28 handle. I have no doubt that given enough time we will probably break down below there but the candle for the Friday session suggests that we may have to bounce first before we do that so that we can build up enough momentum to finally break down.