GBP/USD Forecast October 6, 2014, Technical Analysis

The GBP/USD pair fell hard during the course of the session on Friday, crashing through the 1.60 level. By doing so, it appears that we are heading back down towards the 1.58 level, and then possibly the 1.55 level given enough bearish momentum. Rally should continue to offer selling opportunities, and that’s exactly what we will treat them as. We don’t have any interest in buying this pair right now, so this is a “sell only” type of market. We believe that the US dollar will continue to reign supreme given the fact that the employment numbers were so strong.