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Christopher Lewis
GBP/USD daily chart, April 15, 2019

The British pound rallied during the trading session on Friday to break above the 1.31 level and go looking towards the 1.3150 level. At this point, it’s obvious that there are plenty of buyers below at the 1.30 level, and therefore we can take advantage of this nice range. Short-term pullbacks should continue to be buying opportunities going forward, as long as we can stay above the 1.30 level. However, if we were to break down below the 1.2950 level, then I think the market will probably drop down towards the 1.28 handle to build up enough momentum.

GBP/USD Video 15.04.19

At this point, I suspect that we are more likely to go higher although the recent highs have been lower. Short-term pullbacks should continue to offer opportunities to take advantage of, and as a result I do like the idea of buying dips to find value. The 1.3350 level above is massive resistance, and quite frankly we would need to see some type of Brexit deal to make that happen. That being said, it certainly looks as if we are trying to build up upward momentum, and that of course will continue to affect this market. I think that the only thing you can truly count on in this market is that we will continue to have machines trade the market back and forth based upon random headlines.

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