GBP/USD Weekly Price Forecast – British pound has neutral week

The British pound has had an interesting week, as we formed a bit of a neutral candle stick. That being the case, it looks as if the market is trying to form some type a bottom based upon the zigzag pattern we have seen over the last several candlesticks. A break above the candle stick, then we could go to the 1.30 level. Pullbacks at this point could be a buying opportunity, but as you can see the market is trying to figure out where to go next. The lack of Brexit headlines could give this market a bit of relief, and you can even make out what could be an overall range that extends all the way to the 1.33 handle. The question is what is the market focusing on?

GBP/USD Video 01.07.19

At this point, the market looks very likely to start focusing on the Federal Reserve more than anything else. That seems to be the case, as we are seeing the US dollar get hit against several other currencies. That being the case though, the British pound might be a bit of a laggard as we simply can’t get past the Brexit. Because of this, I think we are simply getting a bit of a relief rally more than anything else, and upward momentum does help but keep in mind that we will probably only be able to go so far to the upside until Brexit is finally resolved.

Please let us know what you think in the comments below