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GBP/USD Weekly Price Forecast

 British Pound Continues to Pressure Resistance

Christopher Lewis

24 July 2020

 money 2
 

British pound has had an extraordinarily bullish week, breaking above the 1.2750 level, showing signs of extreme strength. With that being the case, I think it is only a matter of time before we break out and continue to go much higher. Ultimately, I think we go looking towards the 1.30 level, and possibly even beyond that. After all, there has been a monumental shift when it comes to the overall attitude of the Federal Reserve and the Forex markets, so it is worth noting that the British pound is going to continue to benefit from this.” style=”margin: 0px 0px 1em;”>The British pound has had an extraordinarily bullish week, breaking above the 1.2750 level, showing signs of extreme strength. With that being the case, I think it is only a matter of time before we break out and continue to go much higher. Ultimately, I think we go looking towards the 1.30 level, and possibly even beyond that. After all, there has been a monumental shift when it comes to the overall attitude of the Federal Reserve and the Forex markets, so it is worth noting that the British pound is going to continue to benefit from this.

 

 

The size of this candlestick is something to pay attention to, and I think we are most clearly in a scenario where you cannot sell this market. Pullbacks continue to be buying opportunities, and therefore I think that a lot of short-term traders will jump into the fray right along with long-term traders in picking up Sterling as it is ready to continue higher due to the Federal Reserve more than anything else, especially when you consider the Brexit is still looming and people do not seem to care. I do believe that we are going to continue to see strength here, just as we will see strength against the greenback against almost any other currency that I look at, including the Euro, Canadian dollar, and Japanese yen. In this sense, the British pound is not going to be any different than the others, and the market looks as if it is closing out the week with extreme strength.

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