GBP/USD Forecast Today 05/09: Holds Steady (Chart)

(MENAFN- Daily Forex)

• The British pound has gone back and forth during the trading session on Thursday as we wait for the Non-Foreign Payroll announcement on Friday.
• After all, that will have a major influence on where markets go, as traders are trying to figure out what to do with the US dollar in general.
• Ultimately, the British pound is a currency that has done fairly well against the US dollar over the last several months, but recently, we have seen more of a sideways action than anything else.

Technical Analysis

The technical analysis for this market is relatively flat over the last couple of weeks, but there are a couple of levels that I will be looking at very closely. The first one would be the 1.34 level, which has offered support over the last couple weeks, and previously has been significant resistance previously. If we were to break down below the last couple of candlesticks, then we could see the British pound drop down to the 1.32 level. That's an area that's been support, but we also have the 200 Day EMA, so ultimately this is a situation where we have a lot of interest.

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If we were to break to the upside, and break above the 50 Day EMA, the market is likely to go looking at the 1.36 level. The 1.36 level is a major resistance barrier, and is a bit important going forward, if we can break above there, then it's likely that we really could see the US dollar fall, and the British pound really started to take off.

EURUSD Chart by TradingView

I think at this point we need to be very cautious, as there is a lot of back and forth noise. In general, this is a market that I think continues to see a lot of volatility, but as things stand right now, we are basically in the middle of the larger 400 pip trading range.

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