GBP/USD forecast for the week of January 11, 2016, Technical Analysis

The GBP/USD pair initially tried to rally during the course of the week, but then fell hard in order to reach all the way down to the 1.45 handle. That is an area that is massively supportive do to the fact that it is a psychologically significant number, but if we can break down below there, the market should continue to go much lower. If we break down below there, we anticipate that the market should then reach towards the 1.40 level given enough time. Rallies at this point in time should end up being selling opportunities.