GBP/USD Forecast December 2, 2016, Technical Analysis

GBP/USD daily chart, December 02, 2016

The GBP/USD pair rallied at the beginning of the session on Thursday, but turned around to form a shooting star. If we break down below here, I think that the market will simply continue the overall consolidation that we’ve seen recently. Having said that, today is the employment announcement coming out of the United States and that of course can throw a lot of volatility into the market. I still believe that longer-term the British pound will continue to grind lower against the us dollar, but clearly right now we are bit exhausted by the massive selloff that we had seen previously due to the exit.