GBP/USD Forecast April 20, 2017, Technical Analysis

GBP/USD daily chart, April 20, 2017

The British pound fell slightly during the day on Wednesday after exploding to the upside on Tuesday. The 1.2750 level was a massive resistance barrier, and now that it’s broken, I’m looking for some type of supportive candle or a bounce to get long in a market that has now broken above the 200-exponential moving average. I have no interest in shorting this market and feel that it’s only a matter of time before we break out to the upside and reach towards the 1.3450 level. It’s not that it’s going to be easy, but I do think that’s where we go.

Written by FX Empire