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GBP to USD Forecast – British Pound Continues to Test Resistance

GBP to USD Forecast Video for 29.03.23

British Pound vs US Dollar Technical Analysis

The British pound has rallied a bit against the US dollar during the trading session on Tuesday, as we continue to see major resistance just above. After all, the market had formed a double top near the 1.24 level, and it looks as if there is significant resistance that could extend all the way to the 1.25 level. After all, the 1.25 level is a large, round, psychologically significant figure that has shown itself to be important in multiple times.

Underneath, we have the 200-Day EMA which sits just above the 1.21 level, which is also intertwined with the 50-Day EMA. That should offer a significant amount of support, so if we do break down from here, that might be the first area where you start to see buyers pushback. After that, we then have the 1.20 level, which has a significant amount of psychology attached to it, as it is a large, round, psychologically significant figure. Underneath that level, then we look at the 1.1850 level, an area that has already shown itself to be important in a couple of times in the somewhat recent past.

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Looking at the longer-term chart, it seems as if we are trading between 1.24 on the upside and 1.1850 on the downside. Because of this, I’m looking for some type of exhaustion just above the start shorting again, but I do recognize that if we were to break above the 1.25 handle, then it’s very possible that we could go looking to the 1.2750 level above. After that, then we would go looking to the 1.30 level. If we do break above the 1.25 level, it’s very likely that we would see the US dollar falling against most major currencies in general, so it would be a market wide move.

All things being equal, a lot of this will come down to risk appetite, as the US dollar is considered to be a safety currency. We have seen this move a couple of times recently, and each time there is selling pressure that enters the market. I suspect that we are going to see more of the same going into the short-term future.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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