GBP/USD Forecast Today 15/04: Trying To Form A Range (Video)

(MENAFN- Daily Forex)

• The British Pound has rallied rather significantly during the early hours on Monday to test the crucial 1.32 level.
• This is an area that's been important a couple of times in the past, so it doesn't make a surprise to the market that we would see some hesitation here.
• The question is whether or not we can break above there.

If we can break above there, then it opens up the possibility of a move towards the 1.3450 region. All things being equal, the 1.30 level underneath should continue to be support. So, we'll see whether or not we stay in this range or if we do in fact break out. To be honest with you, this is a market that is a little extended. So, I would anticipate that a pullback is very possible.

That doesn't mean it has to happen, but unless we see something else going on with the U.S. dollar even further, then I think you probably have to assume that you have a little bit of gravity come back into the picture. Breaking down below the 1.30 level would be very negative, perhaps driving this market down to the 50 day EMA.

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A break above the 1.32 level, like I said, opens up the possibility of a move to the 1.3450 level, but that is definitely swimming upstream. I think a little bit of stability probably goes a long way for those who are bullish, and the bears would celebrate a move below the 1.30 level. So, with all of that being said, I think you've got a situation where a little bit of hesitation probably helps both camps. So, in an environment like that, you typically will see sideways action as things stand right now, I believe that we are at least attempting to carve out a range between the 1.30 level on the bottom and the 1.32 area on the top.

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