GBP/USD Price Forecast – British pound rolls over slightly on ThursdayThe British pound rolled over a bit during the day on Thursday as we continue to see much grinding in the marketplace that is still in this consolidation area that I have marked on the chart. Beyond that, we continue to get a lot of headlines out there that throw things around.
The British pound fell during trading on Thursday as we continue to see a lot of choppiness in general but at this point we are still very much in consolidation. As you guys know, I have been using the 1.30 level underneath as support, while I have been using the 1.3350 level above as resistance. So far, this market has respected both of those levels and it looks as if we are continuing to see the market simply churning in this area. That makes sense, because there is a lot of drama when it comes to the Brexit after all and it’s likely that drama will only continue.
GBP/USD Video 05.04.19
Looking at the chart, there’s nothing here that compels me to trade this market in this general vicinity, as we are roughly in the middle of the range. Beyond that, we have the jobs number coming out Friday morning in America and that of course can move the US dollar overall. I anticipate that if we pull back towards the 1.30 level there should be buyers there looking to take advantage of “cheap British pounds.” On the other hand, if we reach towards 1.3350 level without some type of significant good news coming out of the Brexit, then we will more than likely roll over again. In the meantime, it’s probably best to simply sit on your hands and wait for some type of clarity in this pair.
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