GBP/USD Price Forecast – British pound continues to look at the floor

I’d say that the easiest way to look at the British pound is that it is essentially in a holding pattern right now. Yes, it definitely favors the downside but ultimately this is a market that has to figure out was going on with the British political system. With the election of the Brexit party to various seats in the European Union Parliament, is things going to get interesting. It’s clear and concise signal to Westminster that they need to get out of the EU.

GBP/USD Video 31.05.19

With that in mind I think that there will probably be one more final “flush” in the pair, but we are starting to see the beginning of the end. I suspect that the 1.25 level underneath is massive support, as it is a fake#., But quite frankly I believe that the short term trading dictates a move between 1.26 on the bottom and 1.28 on the top. As we are at the lower part of that range, I feel fire but only with small positions. I would not hang on to the trade very long, this essentially a short-term scalp is waiting to happen.

The US dollar course remains strong, as there is a lot of fear around the world when it comes to financial markets. That of course will teach this pair down. However, if we get some type of clarity with the Brexit, that while the way everything when it comes to the British pound.

Please let us know what you think in the comments below