GBP/USD Forecast October 9, 2014, Technical Analysis

The GBP/USD pair broke higher during the course of the day on Wednesday, slashing through the top of the shooting star from Tuesday. It now appears that we are going to head towards the 1.63 handle, an area that should be significant resistance. With that we feel that the market will eventually offer a resistant candle in which we can start selling, but until then we will sit tight. With no interest in buying this market right now, and do believe that the downtrend will continue going forward. Also of note though, there is an Interested Rate Decision coming out of the United Kingdom today.