GBP/USD Weekly Forecast -British Pound Has Bullish Week

GBP to USD Forecast Video for 06.11.23

British Pound vs US Dollar Weekly Technical Analysis

The British pound has rallied significantly during the course of the trading week to test the top of the flag pattern that we have been working on. At this point, I think we are looking for signs of exhaustion to start shorting, and at that point it’s likely to give us an opportunity. However, if we were to break above the 50-Week EMA, then you would think that the sellers will have grown in the towel.

Ultimately, this is a market that I think will continue to be very noisy, and I will be looking for clear signals. If we break above that 50-Week EMA, then it’s possible that we could drive as high as level 1.2750 above. On the other hand, if we break down below the bottom of this candlestick, which essentially would be breaking down below the bottom of the flag, then the 1.20 level gets targeted, followed by the 1.1850 level.

At this point, it’s probably a situation that is just waiting to get some type of clarity, but it certainly looks as if we are trying to do everything we can to sort this out. If we break down below the bottom of the candle, I think it would be a complete turnaround and we would probably see the US dollar strengthened against almost everything. On the other hand, if we turn around to take out the 50-Week EMA to the upside, then it’s likely that we will see the US dollar falter against both things. We are most certainly at an inflection point, and the market could be ready to make a huge move. We will have to wait and see, but right now it looks like volatility is going to get worse, not better.

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