The GBP/USD pair fell slightly during the day on Thursday, and then bounced a bit the form a candle that looks a bit like a hammer. At the end of the day though, I have no interest in buying the British pound although I do think we are stabilizing a bit. I think the 1.2 level will continue to be very supportive, but eventually we could break down below there. I have no interest in buying, I think the best way to trade this market is to simply sell short-term rallies that show signs of growing over.
![GBP/USD Forecast October 21, 2016, Technical Analysis](http://c86cb244b7aa82d722df-bc886d861d799bf6b58e79429d5ca9ac.r8.cf2.rackcdn.com/www.fxempire.com/wp-content/uploads/2016/10/gbpusd-14.jpg)