The British pound has gone back and forth during the course of the trading session on Friday, as we continue to see the resistance just above offer a bit of a headache for traders. That being said, the market is likely to continue seeing back and forth action until we can clear the 1.3850 level. If we can break above there, then the British pound is likely to go looking towards 1.39 level, and then could turn into a bit of a “buy-and-hold” type of situation, as it would be a major breach of selling pressure. Furthermore, you have to pay close attention to the US dollar in general, because the greenback of course drives the majority of Forex trading.
GBP/USD Video 01.11.21
Underneath, we have the 50 day EMA as well as the 200 day EMA sitting just above the 1.37 handle, and therefore it is likely that we would see a lot of support in that area. A breakdown below the 1.37 level could send the pair much lower, reaching towards the 1.36 handle, and then eventually the 1.35 handle. I do believe that the 1.35 handle is a major gateway to lower pricing, and at that point in time we will probably start to see a major downtrend start to pick up. With that being the case, I think that you need to pay special attention to any type of move like that, because not only would you see the British pound fall, but you would more than likely see multiple currencies fall against the greenback. The British pound does have the Bank of England looking to raise interest rates in the near future, so that is of course helping.
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This article was originally posted on FX Empire
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