GBP/USD Forecast October 3, 2016, Technical Analysis

The GBP/USD pair went back and forth during the course of the day on Friday, forming a fairly neutral but shooting star like candle. I believe that there is a significant amount of support below, extending all the way down to the 1.2850 level. Once we get below there, the market then is free to reach to the 1.25 level below. A rally at this point in time will more than likely exhaust itself, and that could be a selling opportunity as well. I have no interest in buying this pair, as we continue to punish the British pound for the exit vote.