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Christopher Lewis
GBP/USD daily chart, October 19, 2018

The British pound continues to hover around the 1.31 handle as the Americans take the baton for the Thursday session. The market looks likely to try to rally from here, perhaps reaching back towards 1.3250 level. Beyond that, the 1.30 level underneath is massive support, and I think that a lot of value hunters have been coming in and picking up the British pound as we dipped. The Brexit of course has its usual influence, so pay attention to headlines, but those headlines are short-term movements, but not longer term movements, a lease when they are negative.

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Overall, I think that the market will eventually rally, and I think that a break above the 1.3250 level would be extraordinarily bullish and should send the market looking towards the 1.33 handle, followed by the 1.35 level after that. Ultimately, this is a market that I think that will hang on to every word when it comes to headlines, but quite frankly I think the larger traders are starting to take advantage of retail traders shorting the British pound every time some negative headline crosses the wires. We have seen multiple times that the market will sell off drastically, only to turn right back around. Show a bit of patience, look for value, and then take advantage of it when it shows itself. Ultimately, I think that a longer-term buy-and-hold position is trying to show itself, but we need some type of certainty for that to truly take off.

GBP/USD Video 19.10.18

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