The British pound has fallen sharply during Tuesday’s trading session to reach the 1.3750 level. That’s an area he was previously against, so now he seems to be offering support just as we’ve seen. At this point, if we kick off from here we may be looking towards the 1.40 level, an area that has been strongly opposed in the past. All things being equal, we are in an uptrend, but we are also starting to see big moves made by the US dollar. Because of this, it’s going to be a very crooked situation.
Video GBP / USD 24.03.21
If we broke down below the 1.3750 level, I am then we may go towards the 1.35 hand below. That is, of course, a large, rounded, weighted figure that attracts special attention in itself. Because of this, we need to pay attention to the yields coming out of the United States, as higher yields will almost certainly raise the value of green. With Jerome Powell speaking in front of Congress, we could have more volatility in the green space over the next day or two. With all that said, the question now is whether or not the 1.42 level has been against it again? It’s been important more than once on the long-term charts, so the question now is have we seen the top or not? I don’t know if that’s the case, but we’ll definitely find out pretty quickly.