GBP/USD Price Forecast – The British Pound Continues to Act Noisily
The British pound initially plunged during the trading session on Friday, but then turned around to show signs of life. Ultimately, this is a market that has been a little overdone to the downside, so does make quite a bit of sense that we could see a recovery due to the fact that the market is a little oversold.
The 1.2000 level above is previous support, so it should be a significant amount of resistance. The 50-Day EMA is dropping rapidly towards that area, so it does suggest that we could see a lot of resistance in that general time frame.
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