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British pound

has rallied a bit during the trading session on Tuesday again, reaching towards the 1.30 level. Ultimately, this is a market that has sliced through here several times, so the efficacy of the 1.30 level will not matter as much, and therefore I think it will be but a blip on the radar. Looking at this chart, I believe that the market is going to continue to see back-and-forth trading, and the market should continue to see more of an upward tilt in the short term, which is a bit ironic considering that the United Kingdom is going to lock its own economy down, which of course will drive down the value of the British pound in normal times. However, most traders seem to be focusing on the idea of stimulus coming out the United States, so that could be the major influence.

GBP/USD Video 04.11.20

The beginning part of the session has been a major selloff of the US dollar in general, so the British pound may be getting a little bit of goodwill from there as well. Nonetheless, Brexit is still going to be the major driver of the British pound itself so while the US dollar might be a bit skewed in the short term, longer-term I still believe that the British pound has a lot of choppiness ahead of it. That being said, it looks like 1.30 is going to be a bit of a magnet and we are essentially somewhat range bound. Buying dips has worked, and even though I would not be a big fan of it, that would be the direction I would be heading in if forced to trade this pair.

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