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STERLING UP DOLLAR DOWN

GBP/USD Price Forecast – British Pound Continues to Rally Against Greenback

Christopher Lewis

21 July 2020

 

British pound has shown itself to be very bullish again, as the US dollar continues to struggle against almost everything. The Federal Reserve pumping out massive amounts of liquidity into the market has certainly work against the value of the greenback, which is something that we are seeing in almost all pairs. With that being the case, I believe that it is only a matter of time before this pair of eclipses the 1.2750 level, and continues much higher, with the initial target being the 1.30 level The British pound has shown itself to be very bullish again, as the US dollar continues to struggle against almost everything. The Federal Reserve pumping out massive amounts of liquidity into the market has certainly work against the value of the greenback, which is something that we are seeing in almost all pairs. With that being the case, I believe that it is only a matter of time before this pair of eclipses the 1.2750 level, and continues much higher, with the initial target being the 1.30 level.

GBP/USD Video 22.07.20

 

The market has decidedly gone anti-US dollar, and therefore we cannot really fight the behavior of the market at this point. I do believe it is only a matter of time before we make the breakout, so I look at pullbacks as potential buying opportunities, especially down near the 200 day EMA which we sliced through so handily during the session on Monday.

It now looks as if the market is finally trying to make up its mind in general, as to what to do with the greenback. This is huge news, because quite frankly the currency markets have been very choppy and skittish for far too long. I believe that we are starting to see a sea change of momentum, meaning that the British pound will certainly rally due to the fact that it is so historically cheap at this level. Buying the dips continues to work, and most certainly a break above the 1.2750 level will send fresh money into this market.

This article was originally posted on FX Empire

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