GBP/USD Forecast Today 31/10: Battles Key Resistance (Video)

(MENAFN- Daily Forex)

• The British Pound fluctuated throughout Wednesday's trading session, with the 1.30 level acting as a significant psychological barrier that has previously proven important.
• Options traders are paying close attention to this key area.
  
• Furthermore, the 50-day EMA sits just above and of course offers a significant amount of resistance.
• If we can break above the 50-day EMA, then I think at that point in time it becomes a very bullish sign.

I think this opens up the possibility of a move to the 1.34 level, but between now and then, I think it is a scenario where we are waiting on the jobs number. The jobs number comes out on Friday, and that of course is something worth watching out for. The 1.29 level underneath is a major support level, which is also backed up by the 200 day EMA that offers a significant amount of support.

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This is a market that I think continues to see a lot of choppiness and between now and that jobs number, I think we do just simply grind and kill time. All things being equal though, this pullback has offered a bit of value. I think this value is something that people might take advantage of because the British pound has held up better against the U S dollar than some of the other currencies.

I'm thinking of like the Canadian dollar, the New Zealand dollar, et cetera. So, with all this being said, I do think that we're at a major point of inflection and the next couple of days could tell us what's going to happen next. Watch that 50 day EMA, it could be rather crucial.

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