GBP/USD Forecast August 31, 2016, Technical Analysis

The GBP/USD pair initially fell during the course of the session, but turn right back around to form a bit of a hammer. The 1.30 level below offered support, and I think that extends all the way down to the 1.2850 level. If we can break down below there, it will extend the selling down to the 1.25 handle. Any rally at this point in time could be a potential selling opportunity, especially on signs of exhaustion as is market continues to show bearish pressure when it comes to the British pound.