The British pound has pulled back a bit during the course of the trading session on Wednesday to reach down towards the 1.37 handle. This is an area that has been important more than once, and therefore I think it makes quite a bit of sense that we would continue to see it show signs of life. The market continues to look very noisy, but I think at this point we are trying to build up the proper inertia to break out against the US dollar. I see this not only here, but also other currency such as the Australian dollar.
GBP/USD Video 28.10.21
The 50 day EMA underneath offers a bit of support, as does the 200 day EMA. All things being equal, I do think that this market probably continues to find enough momentum to go looking towards the 1.3850 region, an area that has been rather important multiple times over the last couple of weeks. That being said, if we can break above there then the market can really start to take off.
We obviously have a lot of noisy behavior in this area, so it tells me that we are building up the proper inertia to make a bigger move. What is interesting also is the fact that the 1.37 level has offered support a couple of times now, so if we can stay above there, I think that the market starts to look rather bullish. On the other hand, if we were to break down below that level then it could open up a move down to the 1.36 handle. Regardless, this is a market that I think bounces around.
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This article was originally posted on FX Empire
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