GBP/USD daily chart, October 4, 2016

GBP/USD Forecast October 4, 2016, Technical Analysis

The GBP/USD pair broke down during the course of the session on Monday, slicing through the 1.2850 level. If we can break down below the bottom of the candle for the session, we should then be able to reach down towards the 1.25 level below, which is my longer-term target overall. Any rally at this point in time will more than likely continue to have sellers attacking it at the first signs of exhaustion. I have no interest whatsoever in buying, and I believe that sellers will eventually win out when it comes to this particular market.