GBP/USD Price Forecast – British pound finds support below on Monday

The British pound initially dipped lower during the trading session on Monday but found enough support near the 1.3233 level to turn things around and rally again. It looks as if we are struggling a bit at the 1.33 handle though, so a break above that level should be very bullish, and then it is essentially a race towards 1.34 handle. Ultimately, I think that the longer-term technical analysis suggests that we do need to have buyers come back in, as we have gotten a bit oversold. At this point, I believe that the market should see a significant amount of resistance near the 1.35 handle above.

The 1.32 level underneath is the “floor” in the market currently, and I think that if we can stay above there it is a likely bullish run ready to happen, perhaps due to a bit of a “risk on” move, or a continuation of the bounce from the oversold conditions that we see on the weekly chart. Ultimately, I think that the market should continue to find buyers underneath based upon value of nothing else. Ultimately, the market should then break above the 1.35 level and then go looking towards the 1.3750 level after that. If we break down below the recent lows, then we will almost certainly unwind down to the 1.30 level after that.

GBP/USD Video 26.06.18