GBP/USD Forecast November 10, 2016, Technical Analysis

The British pound initially rallied during the day Wednesday, but found enough resistance above the 1.25 level to turn things around and form a shooting star. This is a shooting star right at a major resistance barrier, so it makes sense that we would continue to go lower from here as we are in a longer-term downtrend. I don’t think that were going to see some type of massive selloff, rather a break down below the bottom of the scandal could send the market looking for the 1.22 handle again. I have no interest in buying.