The British pound has hovered near the 1.38 level during the course of the trading session on Thursday, just as we did on Wednesday. Ultimately, this is a market that I think is trying to figure out what it wants to do going forward, and with that being the case we have a lot of noise to chew through above. The market has a lot of noise just above, but quite frankly this is a market that I think will eventually continue to rally due to the fact that we have broken significant resistance recently, and of course the US dollar continues to struggle against most currencies.
GBP/USD Video 22.10.21
At this point, if we can break above the 1.39 level, then the market is likely to continue to go looking towards the 1.40 handle. The 1.40 level of course is going to attract a certain amount of attention, but ultimately it is just yet another level that we have sliced through in the past. Pullbacks at this point in time should be supported near the 50 day EMA and the 200 day EMA, which sits at the 1.37 level, and therefore it will be very interesting to see if that holds up.
As long as it does, I think this market has a really good shot and going much higher. On the other hand, if we were to break down below there, then it might be an opportunity to start shorting as it would signify that the US dollar is starting to strengthen again. That being said, I would also look for the dollar to strengthen against other currencies simultaneously in order to put that money to work.
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This article was originally posted on FX Empire
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