GBP/USD Price Forecast – British Pound Rallies Into Resistance

The British pound has rallied a bit during the trading session on Friday, as we are trying to get above and beyond the 1.2750 level. Ultimately, this is a market that could go all the way to the 1.30 level to the upside on the breakout. It truly comes down to whether or not we can continue to see the US dollar lose value, and as long as it does, it is likely that the British pound will continue to rally as it has been a favorite currency for a lot of traders around the world as of late. Ultimately, the market looks like one that you can buy on the dips as well, but be cautious about your position size, because it could be rather noisy to the upside, but it certainly seems to be the way the market is going to go given enough time.

GBP/USD Video 27.07.20

At this point in time, I believe that the 1.2650 level underneath continues to offer massive support, and therefore I think we are looking very likely to see a lot of buyers down in that general vicinity as well. With the Federal Reserve working against the value of the US dollar the way they have been, I do think it is only a matter of time before we reach the 1.30 level, and then possibly even higher than that. With this, I am bullish in general, so therefore I like the idea of picking up the dips and building a position.

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