GBP/USD Price Forecast – British Pound All Over the Place

The British pound has gone back and forth during the course of the trading session to form a relatively neutral candlestick, as we have seen the British pound move all over the place due to Bank of England members Saunders suggesting that we could perhaps see interest rates rising in the United Kingdom, which of course is good for the currency itself. Having said that, we are continuing to see a lot of back and forth action, with the 50 day EMA above there also offering pressure. To the downside, the 1.37 level should be supportive, as we have seen multiple times, especially now that the 200 day EMA is approaching it.

GBP/USD Video 16.07.21

If we were to break down below the 1.37 level, then we could open up a move down to the 1.35 handle. To the upside, if we were to break above the 50 day EMA, then we could go looking towards 1.40 handle after that. In general, this is a market that I think will continue to be very noisy, but in general I think we are looking at a scenario that we will have to look at in the back and forth type of situation more than anything else. In general, this is a market that I think continues to see a lot of other questions, and therefore I think we will continue to see a lot of indecisive trading more than anything else. With that being the case, range bound traders will probably continue to like this market, as we just do not seem to have any real conviction one way or the other.

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