GBP/USD Price Forecast – British pound continues to test the lower part of the range

With all of the noise of the Brexit, it should not be much of a surprise that the British pound continues to chop around overall. Because of this, it’s very likely that we will continue to see noisy conditions here and the fact that the Brexit is getting even more muddied isn’t helping the situation. However, we can always look to the technical analysis to try to glean some type of information that will be useful.

GBP/USD Video 10.04.19

In this case, I believe that the 1.30 level continues to offer significant support just as the 1.3350 level offer significant resistance. If that’s going to be the case, then it’s very likely that we simply go back and forth in this type of environment where we get a different headline every day, and of course a lot of concerns when it comes to whether or not there’s going to be a deal for Great Britain to leave the European Union.

That being said, we have broken a major trendline recently and have looked at least somewhat promising considering the situation. For me, this is a matter of paying attention to what the market does, and not so much as to what people are saying. With that in mind, I like the idea of buying dips, but I do recognize that if the 1.30 level gets broken it’s very likely that we are going to continue to see a bit of trouble here. That trouble could have this market going back down to the 1.28 level but I think there’s even more buying pressure down there.

Please let us know what you think in the comments below