GBP/USD Daily Forecast - 19 June

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Tuesday, Jun 19 2018

GBP/USD Daily Forecast - 19 June

The British pound fell a bit during the trading session but was also relatively quiet against the US dollar. The massive selloff of last week wasn’t as drastic in this market, but the 1.32 level looks to be targeted right now, and if we can break down below there I think that the market will probably go to the much more viable 1.30 level for support. Any time we rally from here, I will be looking for selling opportunities, and do so at the very first signs of exhaustion. Alternately, if we break down below the 1.32 handle, then I am willing to sell this market and towards 1.30 level after that.

We have recently seen the “death cross” as the 50 EMA has crossed over the 200 EMA. This is a very negative turn of events and will certainly have longer-term traders looking to be short of the market as well.

More in this category: « AUD/USD Daily Forecast - 18 June EUR/USD Daily Forecast - 20 June »

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