The British pound drifts lower on Monday

The British pound has broken a bit to the downside during the trading session on Monday, slicing through the 1.40 level in a sign of weakness. However, the 1.39 level would be supportive as well, and I think that the overall uptrend should continue to be a major driver of this market. I think if the market breaks back above the 1.4025 level, the market should continue to go much higher. At that point, we should then go to the 1.43 level, which was the high recently. I believe the pullbacks will offer buying opportunities if you are patient enough, and I think that the British pound has gotten a bit of a raw deal over the last couple of days. However, if you’re looking to buy the US dollar, I think that there are other currencies that you can sell it again such as the Australian dollar that could benefit from more momentum.

Ultimately, I think that we will eventually try to go to the 1.45 level above, but I think that the overall attitude of this market should continue to be choppy, but I think there is a lot of overall bullish pressure underneath, so I do favor the upside, but I would be very cautious about putting too much money to work at one time, as it could be very difficult, and I think that the mantra of “adding slowly” should be the best way going forward.

GBP/USD Video 24.04.18