GBP/USD Forecast September 4, 2017, Technical Analysis

GBP/USD daily chart, September 04, 2017

The British pound initially fell during the day on Friday but found enough support at the 1.29 level to turn around and go higher. After the jobs number, we went reaching towards the 1.30 level above, which of course is a certain amount of psychological resistance. I’m not willing to buy this market until we break above the 1.3050 level though, as it is a significant barrier. That would be a signal that the British pound could go much higher, so I would deftly be interested in putting money into work at that point. In the meantime, I would anticipate a lot of volatility, and I’m waiting to see if I get a longer-term buy or sell signal that I can follow. Right now, I think that the liquidity is can be a bit thin and the signals a bit mixed to put any real money into this market.

Written by FX Empire