GBP/USD Price Forecast – British Pound Trying To Pick Up Its Feet

The British pound has rallied a bit during the course of the trading session on Tuesday to show signs of life near the 1.33 handle. This is an area that has been supportive for the last several days, so I think that a lot of people will be paying close attention to this region. Nonetheless, if we rally from here, then it is likely that we would see plenty of opportunity to short this market, because quite frankly the downward trend should continue going forward due to the fact that the United Kingdom is lagging the United States when it comes to economic growth.

GBP/USD Video 01.12.21

Furthermore, there are concerns about the lock down in the United Kingdom coming again, so quite frankly that is going to stifle growth. The 1.34 level above should be resistance, and the 1.35 level is even more so. What I hope to see is some type of bounce that features an exhaustive candlestick. For what it is worth, the Euro has rallied quite significantly, but now the British pound probably needs to catch up. I believe that the US dollar will continue to strengthen against most currencies, so look for clues as to where we are going next in the each of these charts as they will typically move in the same general direction. The market had recently formed a couple of hammers in the British pound, so it looks as if the bounce is more than likely going to be coming, but

The British pound has been flat on its back for a while, and it now looks as if it is trying to recover, at least for the short term.

I am simply going to wait for an opportunity to follow the longer-term trend.

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