British Pound Continues the Same Choppy Behavior

British Pound vs US Dollar Technical Analysis

The British pound has fallen a bit during the trading session on Friday after the jobs number came out essentially as expected. Because of this, the market still looks as if it is trying to figure out what to do, and therefore I do not see much in the way of a bigger trade. We are going to go back and forth in this overall range, with an eye on the 1.30 level underneath being a major support level. As long as we stay above that market, there will be buyers looking to get involved.

The question at this point is whether or not that area holds support. If it does, then it would obviously be a bullish sign and we could be looking at a major bottoming pattern. If that is the case, then you have plenty of time to get long of the British pound, because these types of patterns typically are very noisy and do take a while to form. That would be confirmed if we can break above the 1.32 handle, on some type of big move. On the other hand, if we were to break down below the 1.30 handle, then there is a zone of support that extends down to the 1.28 level, which could be the target.

Anything below the 1.28 level would be a massive, short-selling opportunity because it would be a major breach of support. I think over the next couple of weeks, we simply go back and forth and chop around to do as much damage to trading accounts as humanly possible.

GBP/USD Price Forecast Video 04.04.22

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