GBP/USD Price Forecast – British pound rolls over during the Monday session

The British pound has fallen a bit during the day on Monday to start out the week, reaching down towards the 1.32 region. That’s an area that has the psychological importance of being a round number, but ultimately I think that the market is probably going to go looking towards even more significant support underneath, near the 1.30 level. Is very likely that rallies will continue to sell off, as the US dollar will continue to be attracted to traders looking for the safety desperately needed.

If we did break above the 1.33 handle, then we could reach as high as 1.34 level next. Ultimately though, I think that after the massive selloff from Thursday, it’s going to be very difficult to turn things around and I think that the momentum certainly will favor the sellers regardless. I also believe that the 1.30 level underneath is going to be a massive support level, so I think that breaking down below there would be very negative indeed. It seems very unlikely though, and I believe that what we are probably going to see in the short term is a “sell the rallies” type of consolidation, and other words slowly grinding to the downside over the longer-term. However, if we get good news globally, that could turn things around.

GBP/USD Video 19.06.18