GBP/USD Price Forecast – British pound continues to struggle

British pound trader sold into the Memorial Day holiday in the United States, as liquidity could have been an issue in the afternoon London time. At this point, it looks as the town is going to continue to struggle, which makes a lot of sense concern we still have no idea how this is going to turn out. All things being equal, the US dollar has been strengthening as well, so that doesn’t exactly help this pair either. To be honest, I believe 1.28 level is resistive, and most certainly 1.30 level will be.

GBP/USD Video 28.05.19

Looking at the chart, I think it’s still going to sell short-term rallies as they appear. Ultimately, this is a market that will find a lot of interest at the 1.25 handle, so therefore I think we will be looking at support down around that area. Ultimately I believe that we are looking at is a scenario where people will continue to sell. It’s difficult to get excited about owning the British pound right now, unless of course you are starting to look at longer-term trading. For example, if you have a longer-term time horizon such as a couple of years, you may be able to start buying it. However, most people are not in that situation so I wouldn’t look for a whole lot of that going on right now. Ultimately, I’m a seller of the British pound in the short term, especially against the US dollar.

Please let us know what you think in the comments below