Rallies are to be sold, as we are most certainly in a negative trend, but be patient and wait for those opportunities to present themselves. If we were to break down below the 1.30 level, that would be a very negative sign indeed. At that point, I think that we could be looking at 1.2750 over the longer-term. Softer than expected economic numbers certainly don’t help with the British pound.
GBP/USD Daily Forecast - 21 June
The British pound initially tried to rally during the day, and even broke above the 1.32 handle. However, we ran into far too much in the way of resistance, and the market turned around to form a shooting star shaped candle, which could signify that we are going to continue to see selling pressure. Quite frankly, it now looks as if the 1.32 level has proven itself to be even more resistance than previously thought, so I think that the market could find the 1.30 level underneath as a target.
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