GBP to USD Forecast – British Pound Continues to Walk Along the Same Path

GBP to USD Forecast Video for 30.12.22

British Pound vs US Dollar Technical Analysis

The British pound has rallied a bit during the trading session on Thursday but remains close to the 200-Day EMA more than anything else. Because of this, it looks as if we are going to continue to grind sideways more than anything else as we wind out the year. After all, most traders don’t really care about markets right now, they are more worried about spending time with her family on the holidays. With that being the case, I would not expect much, but if we were to break down below the 50-Day EMA, then you can make the argument that we may break down a bit.

It’s worth noting that I do expect that to happen eventually, but that’s probably a January story. In that scenario, I see the British pound dropping down to the 1.15 level over the longer term. On the other hand, if we do rally from here, there’s a lot of noise all the way up to the 1.25 panel, so although I do think that we could rally, it’s going to be a much more difficult move in my estimation.

We have already shown that the market looks more soft than anything else, so because of this it’s likely that we will continue to see a lot of nothing, and I would anticipate that for the next couple of trading sessions. In fact, you can also make that argument for most of next week as well, as traders will start to worry about the jobs number in the United States.

For a look at all of today’s economic events, check out our economic calendar.