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GBP/USD Price Forecast – The British Pound Gives Up An Early Gain

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British Pound vs US Dollar Technical Analysis

The British pound initially tried to rally during the trading session on Tuesday but gave back gain to show signs of weakness yet again. Ultimately, the market is likely to see overall negativity as we have been in a downtrend for some time, but it also seems like we have been looking for some type of catalyst to get moving. As things stand right now, it’s very likely that we could test the bottom of the hammers from last week, perhaps opening up a bigger move.

If we do get that breakdown, the market is likely to go to the 1.20 level underneath, which is a large, round, psychologically significant figure, that is also an area that has seen buyers previously. The market continues to be very noisy, but at this point, there’s no real reason to think that things are going to change. The interest rates in the United States continue to climb, and the 1.25 level above continues to be an area that is worth paying attention to. The 1.25 level extends to the 1.26 level, and I do think that it is only a matter of time before sellers would jump in if we do get to that area.

The alternate scenario is somehow we break above the 1.26 level because that would open up the possibility of a move to the 1.30 level above. If we break down below the 1.20 level, then we more likely than not will go down to the 1.18 level, possibly even lower than that. Regardless, I think at this point, you have to look at this through the prism of a downtrend.

GBP/USD Price Forecast Video 29.06.22

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This article was originally posted on FX Empire

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