The British pound initially pulled back during the trading session on Thursday, only to turn around and rally. At one point during the Jerome Powell speech, it looked as if the British pound was going to break out for a bigger move. However, it has calmed down since then and it looks like we are going to continue to do more of the same that we have seen recently. Ultimately, this is a market that I think will find buyers underneath, especially near the 1.30 level, which is a large, round, psychologically significant figure, and the scene of massive support previously. Even if we break down below there, I think there is even more support near the 1.2750 level that extends down about 100 points.
Pullback should end up being buying opportunities, but now that we are through the Jerome Powell speech, the question is whether or not we will have some type of catalyst to make that happen? I suspect simple exhaustion may come into play and it is possible that we would find plenty of reasons to grind back and forth as we kill time through vacation season, which is an often overlooked factor this time of year. With that, expect quiet markets, but I will be looking for short-term pullbacks in order to buy British pounds when they are on sale. Ultimately, I think we go looking towards 1.35 handle, but it could take some time to get there. #FX##GBP/USD#
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