FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
45,320,581Confirmed
1,186,223Deaths
32,992,305Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
GBP/USD

The British pound has pierced the 1.3150 level during the trading session on Thursday but has stalled a bit above there as we await the jobs numbers out of America on Friday. Ultimately, I do think this pair does break out but the question here is not so much as to whether or not it can, but whether or not it will right now. Pullbacks should continue to offer value, as we have firmly established the 1.30 level as being very supportive. Ultimately, I think that we will see an attempt to break out and go towards the 1.35 handle. However, a little bit of consolidation might be in order.

GBP/USD Video 07.08.20

Consolidating a bit may help bring more buyers into the market, and as long as we stay above the 1.30 level it will continue to instill confidence for the buyers. Obviously, this is not a market that you want to be shorting, even if we do break down below the 1.30 level. At that point I think we would simply look for another buying opportunity closer to the 1.2750 level. That begins a 100 PIP range of support that I think will be very interesting for traders. A break down below the 1.2650 level could change a lot of things but right now that does not look to be very likely. With the Federal Reserve out there throwing money into the system, it is hard to imagine that the US dollar suddenly strengthens without some type of major shift and overall psychology.

For a look at all of today’s economic events, check out our economic calendar.

Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US