Yahoo Finance GBP/USD Price Forecast – British Pound Continues to Show Bullish Move
The British pound has rallied a bit against the US dollar during the trading session on Tuesday to show continued strength overall. The British pound has seen a bit of upward pressure against multiple currencies, and the US dollar itself has been a bit soft against many other ones. With that being the case and the fact that the Bank of England is likely to raise interest rates by the end of the year, it does make a certain amount of sense that we would see this pair go higher.
GBP/USD Video 27.10.21
Underneath, we have the 50 day EMA trying to rally to the upside, and of course we also have the 200 day EMA sitting just underneath there. With that being the case, it does make a certain amount of sense that we would continue to see upward pressure. If we can break above the 1.39 level, it should open up the door to much higher levels, with the first one of course be in the 1.40 handle.
The downside is protected by those moving averages, but if we were to go looking underneath the 1.37 handle, it is very likely that we could go down to the 1.36 handle, maybe even the 1.35 handle. This is a market that I think continues to see a lot of noisy behavior, but it certainly looks as if it is trying to take off to the upside more than anything else. I believe at this point in time the market will continue to see a lot of noisy nest, but ultimately it certainly looks as if the buyers have more likelihood of taking control.
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This article was originally posted on FX Empire
