GBP/USD Price Forecast – British Pound Rallies

The British pound has rallied a bit against the US dollar during trading on Thursday, as we continue to go looking towards the 1.30 level above. That’s an area that has been resistance more than once, so it would make a lot of sense to see that level act resistive going forward. At this point, the market is likely to continue to see plenty of choppy behavior, but if we can break above that 1.30 level it would kick off the next leg higher which of course is likely to be rather explosive.

GBP/USD Video 22.11.19

We have been forming a bullish flag for some time, and now it looks like we are going to simply continue to build up inertia. With a very serious lack of news flow right now, the market is simply killing time, waiting to see whether or not traders will be, enthusiastic enough to go long. It seems very unlikely in the short term, so more than likely we will continue to drift back and forth between the 1.28 level on the bottom and the 1.30 level above. Ultimately, the flag should move the market towards the 1.38 level above, based upon the pole of the flag. Breaking above the 1.30 level will more than likely send the market looking to the 1.33 level initially, and then possibly even lower if we can continue to see the upward momentum. The Brexit situation of course continues to be a major driver, so the election’s obviously will be the next thing that traders pay attention to.

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