GBP/USD daily chart, October 17, 2016

GBP/USD Forecast October 17, 2016, Technical Analysis

The GBP/USD pair went back and forth during the course of the session on Friday, hovering right around the 1.22 handle. Ultimately, this is a market that I think continues to see negative pressure in, and perhaps we will reach down to the 1.20 level below. The area below should give way eventually, but at this point in time I feel that there is enough support to make the market work for it. I think that any rally at this point in time should be a selling opportunity, and at any time that we bounce in for some type of exhaustive candle I am more than willing to start selling.