GBP/USD Weekly Price Forecast – British pound continues to be very messy

has gone back and forth during the week, forming a bit of a shooting star. At this point, it looks as if the market is simply going to go sideways overall, which makes quite a bit of sense. At this point, it looks as if we are going to see a lot of back-and-forth trading in this market as we get the various headlines coming out of the Brexit. This makes sense, because a lot of people are concerned and of course confused. However, I would point out that we have broken through a major downtrend line and have since gone sideways which is quite typical for a potential trend change.

If we can break above the 1.3250 level, that would be a very bullish sign and should send this market much higher. Otherwise, if we break down below the 1.30 level it would be very bearish. In the meantime, I think we simply go back and forth in that area. It is worth pointing out the value hunters continue to come back into the British pound every time it sells off due to a Brexit headline, so sooner rather than later I would expect to see the buyers take over. As soon as we get some type of certainty with the Brexit, be it good or bad news, I think eventually the buyers are going to show up and push this pair much higher.

GBP/USD Video 22.10.18