GBP/USD Price Forecast – British pound falls through support

The British pound has initially gone sideways during the trading session on Wednesday but found enough selling pressure to break down through the 1.32 level, an area that should be supportive. The fact that we have broken down through there and then continue to go a bit lower suggests that we are going to continue to go towards the 1.31 handle, possibly even lower than that. It’s very likely that this market will continue to be noisy, and I think now the market may be turning its way towards the 1.30 level underneath.

However, if we were to turn around and break above the 1.3250 level, then I think the market might continue to go higher such as the 1.35 level above. The market looks likely to be very noisy, but certainly it seems as if there is a bit of a “risk off” attitude overall. Overall, I believe that this market will continue to move upon the idea of trade wars escalating or de-escalating. Currently, it looks as if the market will continue to be negative, so I think that we certainly need to favor the downside overall. However, I have pointed out that there is a level that if we break above it’s likely that the buyers could return. This will be an erotic market, but the Forex world itself has been very erratic as of late so that should not be a huge surprise. The market will certainly be difficult to deal with, so I would keep my position size small over the next several days.

GBP/USD Video 28.06.18