GBP to USD Weekly Forecast – British Pound Continues to Tread Water at Resistance

GBP to USD Forecast Video for 24.04.23

British Pound vs US Dollar Weekly Technical Analysis

The British pound has had a rather choppy week, as we continue to deal with a significant amount of resistance just above. The 1.24 level is the beginning of the “resistance range” that extends all the way to the 1.25 level. Ultimately, I think this is a situation where you probably have a market that is trying everything he can to break out, but it has so much in the way of resistance that it will be interesting to see if we can build up the necessary momentum.

When you look at the past 3 weeks, it’s worth noting that there has been a couple of shooting stars, followed by a doji-like candlestick, so it certainly shows that there is a lot of hesitation at the moment. However, it’s worth noting that the area has been important multiple times, so I do think you get a situation where we are chipping away at a significant amount of selling pressure. If we can break above the 1.25 level on a weekly close, then we could have a move toward the 1.2650 level. Anything above that area opens up the possibility of a more “buy-and-hold” situation, where we probably had to the 1.30 level above.

If we were to break down below the 1.23 level, then I think we have more of a pullback ahead, perhaps falling back into the previous consolidation area. This will probably have a lot to do with the US dollar, and whether or not traders are out there looking to run to safety, however they believe that things are still all about the Federal Reserve.

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