The GBP/USD pair had a good showing towards the end of the month in March, but as you can see we found support at the 1.65 level again, which of course is vital to continue the uptrend in my opinion. Attached to this article is the weekly chart, and you can see that although we did have a relatively soft the month, in the end things picked up again. I believe that the 1.65 level will be a bit of a “floor” in this market, and as long as we stay above there I am “buy only.”
The British pound has done fairly well over the last several months, and the fact that we pulled back a little bit in marched really doesn’t upset me, simply because I understand that no markets can go in one direction forever. This market of course is and going to be any different, and as a result I would not be surprised at all to see is grind higher now that we have backed up a little bit in order to pick up some momentum.
1.70 is still my target.
I still believe that the 1.70 level will be targeted given enough time. I don’t necessarily think that it’s going to be the easiest move, but I see nothing between here and there that should stop the market for making that level sooner or later. It’s a longer-term move granted, but I believe that the 1.70 level is significant enough that it will attract the market sooner or later.
Any pullback at this point time will more than likely do being a nice buying opportunity, and that’s how I would treat this market. It’s in an uptrend obviously, and we see it on of support in the form of a cluster just below, as you can clearly see on the chart. I believe that the 1.65 level will serve as the “floor” for some time, and unless there is something particularly nefarious out there, I don’t think that the British pound is going to struggle for long.
