GBP/USD Price Forecast February 15, 2018, Technical Analysis

The British pound initially drifted lower during training on Wednesday, reaching towards the 1.38 level underneath. That’s an area that Brian buyers previously, and it did the exact same thing during the day on Wednesday. The market then shot up like a bottle rocket, reaching above the 1.3950 level. As a record this video, it looks as if we’re going to make a serious attempt at the 1.40 level above. I think at this point, if we can break above the 1.4050 level, the market should continue to go much higher. There seems to be a general mistrust of the greenback right now, so I do think that happens eventually.

We may have to pull back to build up momentum to clear this area, but I think in the end it will happen. The 1.38 level underneath should start to offer a bit of a “floor” in this market now, and I think that if we were to break down below there could change everything. Longer-term, I anticipate that this market will go looking towards the highs again at the 1.43 level above. Beyond that, I do anticipate a breakout, but I think it’s going to take a lot of momentum to finally do so, so pullbacks will be common. Those pullbacks should be buying opportunities, and I believe that the downward pressure on the US dollar continues to push the British pound higher overall, as well as many other currencies. I believe that waiting for short-term dips to pick up value is going to continue to be the way forward.

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