GBP/USD Price Forecast – British pound fails to hang onto gains

The British pound try to rally during the trading session on Thursday but failed to hang onto the gains. Because of this, it shows just how precarious the situation is in the British pound, as it simply cannot seem to show signs of positivity for very long. Ultimately, this is a market that I believe is destined to pull back.
Christopher Lewis
GBP/USD daily chart, June 28, 2019

The British pound initially tried to rally during the trading session on Thursday but gave back the gains yet again. This is a market that can’t quite hang onto gains for the longer-term, and we obviously have a lot of resistance above at the 1.28 handle. The 50 day EMA is just above there as well, so keep in mind that it will probably keep this market somewhat, as well. Ultimately this is a market that I believe should continue to see a bit of volatility, but I think we will probably get a nice pull back to reach down towards the 1.26 level. After all, we have the G 20 this weekend and a lot of people will be concerned about owning anything along the lines of risk.

GBP/USD Video 28.06.19

Beyond that, we also have the Brexit which of course causes a lot of issues, as it doesn’t seem to be able to be come to terms with. I think that we are trying to carve out some type of range in this area, with the 1.25 level underneath being massive support. However, if we do break above the 1.28 level, then it’s very likely that the 1.30 level would be the target. We need some type of good news to make that happen though, because the only thing that could be pushing this pair higher right now as the Federal Reserve looking to cut interest rates which is no minor thing.

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