GBP/USD forecast for the week of August 8, 2016, Technical Analysis

The British pound initially tried to rally during the course of the week, but turn right back around to form a bit of a shooting star. By doing so, it looks as if the markets are going to continue to be negative in every time we rally it’s likely that the market will continue to find resistance that we can start falling apart on. Because of this, I’m looking for selling opportunities but I am actually looking for them on short-term charts, as I believe there is far too much support just below to try to hang onto a longer-term selling position.