We believe that the British pound is going to find its way down to the $1.15 level. GBP GBPUSD $GBPUSD forex forextrader fx
Enter your emailAt this point, I either fade rallies or celebrate down, because I believe that the British pound is going to find its way down to the $1.15 level. has rallied slightly during the trading session on Thursday, as we are hanging around the 1.18 level. It’s worth noting that level has been a bit of a magnet for price for most of the week, but it’s also worth noting that the level is below the previous low, meaning that we are still very much in a market that is overall negative.
I think at this point any time we rally, there will be plenty of people willing to jump into this market and start shorting again.The 1.20 level above should be resistance, and I would also point out that the 50-Day EMA is racing toward that area as well. In other words, on rallies, I think there will be plenty of technical reasons for traders to get short again.
Jerome Powell causes a long history of dropping the ball in situations, so anything is possible. Therefore, I hope this market bounces because quite frankly I’ll be able to short it at higher levels. Picking up “cheap US dollars” has been the trade all year, and I don’t see how those changes anytime soon. This is especially true considering that the Bank of England is already stated that the United Kingdom is going into a recession“recession.”Anyway, I digress. At this point, I either fade rallies or celebrate down, because I believe that the British pound is going to find its way down to the $1.15 level.
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