GBP/USD Forecast October 14, 2016, Technical Analysis

The GBP/USD pair initially fell during the day on Thursday but turned right back around and form a bit of a hammer. The hammer of course is a bullish sign, but at this point in time there is more than enough resistance above to continue pushing this market lower. With this, I think that the sellers will eventually come back into play, taking advantage of value in the US dollar time we rally. I believe that the 1.20 level below will be massively supportive, and with that being the case we will probably bounce from that area once we reach it again.