GBP/USD Price Forecast – British pound continues to grind higherThe British pound rose during the trading session on Friday, reaching towards the 1.3150 level. This of course is a very bullish sign and with Jerome Powell out there suggesting that we are going to see interest rates at this level for some time, that takes the Federal Reserve out of the equation. (Although to be honest a lot of people already thought they were.)
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.
Please let us know what you think in the comments below