Alternately, if we break above the 1.40 level, the market should continue to go much higher, perhaps reaching towards the 1.44 level. I think there is a significant amount of noise in this market just waiting to happen, but it does look as if we are dropping a bit. Alternately, if we do break above the top of the 1.40 level, it’s likely that breaking above that level could bring in a fresh round of buying as it would not only break the large, round, psychologically significant number, but it also negates a negative candle.
GBP/USD Daily Forecast - 27 April
According to dailyforex.com, the British pound initially tried to rally during the day but turned around to form a shooting star. It looks as if the US dollar is going to continue to try to show signs of strength. I think that interest rates rising in the United States will continue to put a bit of a bid into the US dollar. The 1.38 level would be the next target, which is an area that is rather supportive.
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