The pair has been falling without a single look back since the start of the week, currently trading at 1.2860 (1735 HRS GMT +5.30) dropping to a 7 day low!
At the starting of the week (17 - 2 - 2020) made a high of 1.3054, testing the 50 day SMA, and then falling continuously. The pair is currently trading at the minutely falling support line.
Amidst Coronavirus outbreak investors headed to safe havens like gold, MIghty Dollar (USD), and Japanese Yen (JPY) leaving other pairs weakened. Other than that GBP was also affected due to the EU - UK fight over deals as well as the Market is not responding really well to the UK migration Policy.
Amidst all of this ice Market fell pre-retail sales release and did not recover even though the data was pretty good.
On the other had all of these are helping USD gains. As China's Coronavirus brings new surprises every day for investors. USD is supporting and continuing to gain the trust of the market, making the currency stronger and pushing the pair further below.
Important Levels:
>>GBPUSD has tested the falling 50 days SMA twice, currently finding support at 1.2860.
>> If the pair continues to fall below this the next target will be the 200 day SMA at 1.2680ish floor.
>> Below this, the pair will find support at 1.2582 and then 1.2382.
If you have been holding GBPUSD positions, revise your charts.
CHEERS!!
_____________________________________
For more details and trades:
telegram @ tradingmoore
Twitter @ gmoore0715
______________________________________
At the starting of the week (17 - 2 - 2020) made a high of 1.3054, testing the 50 day SMA, and then falling continuously. The pair is currently trading at the minutely falling support line.
Amidst Coronavirus outbreak investors headed to safe havens like gold, MIghty Dollar (USD), and Japanese Yen (JPY) leaving other pairs weakened. Other than that GBP was also affected due to the EU - UK fight over deals as well as the Market is not responding really well to the UK migration Policy.
Amidst all of this ice Market fell pre-retail sales release and did not recover even though the data was pretty good.
On the other had all of these are helping USD gains. As China's Coronavirus brings new surprises every day for investors. USD is supporting and continuing to gain the trust of the market, making the currency stronger and pushing the pair further below.
Important Levels:
>>GBPUSD has tested the falling 50 days SMA twice, currently finding support at 1.2860.
>> If the pair continues to fall below this the next target will be the 200 day SMA at 1.2680ish floor.
>> Below this, the pair will find support at 1.2582 and then 1.2382.
If you have been holding GBPUSD positions, revise your charts.
CHEERS!!
_____________________________________
For more details and trades:
telegram @ tradingmoore
Twitter @ gmoore0715
______________________________________