GBP/USD Forecast May 29, 2014, Technical Analysis

The GBP/USD pair fell hard during the session on Wednesday, showing a fresh new low by the end of the day. The 1.67 level should continue to be supportive though, and as a result we believe that it’s only a matter time before the buyers step back in. We are not willing to sell this market, and believe that being patient is probably the way to go. We believe that this dips should offer value sooner or later, and that the buyers will return. We still hold 1.70 as our target, and 1.65 as the “floor.”