GBP/USD Forecast August 17, 2016, Technical Analysis

The GBP/USD pair broke higher during the course of the session on Tuesday, slicing above the 1.30 level at one point. However, even though we have a very bullish candle here, I believe that we will ultimately have a nice selling opportunity given enough time, and as a result of an exhaustive candle is an invitation to start shorting as far as I can see. Ultimately, I feel that the market will not be one that we want to buy, so having said that it’s likely that we will simply have to sit on the sidelines and wait for another short position.