GBP/USD Forecast and Analysis March 23 — 27, 2020


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Currency pair Pound Dollar GBP/USD completes the trading week near the area of ​​1.1593. The pair continues to move in a strong fall. Moving averages indicate a bearish trend. Prices pierced the area between the signal lines down, indicating pressure from sellers. At this, we should expect an attempt to develop a correction and test the resistance area near the level of 1.1965. Further, the rebound and the beginning of the fall of the Pound/Dollar quotes to the area below the level of 1.0345.

GBP/USD Forecast and Analysis March 23 — 27, 2020

An additional signal in favor of the fall of the British Pound will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the fall of the GBP/USD pair in the current trading week March 23 — 27, 2020 will be a strong growth and a breakdown of the 1.2235 area. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1.2505. A confirmation of the fall of the GBP/USD currency will be a breakdown of the support area and closing prices below the level of 1.1255.

GBP/USD Forecast and Analysis March 23 — 27, 2020

Among the important news from the UK that could affect the Pound/Dollar exchange rate, it is worth highlighting: Bank of England (BoE) Interest Rate Decision, United Kingdom Retail Sales m/m.

GBP/USD Forecast and Analysis March 23 — 27, 2020 implies an attempt to test the resistance level near the 1.1965 area. Where can we expect the pair to continue to fall with the target below the area of ​​1.0345. An additional signal in favor of the fall will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to reduce the pair Pound/Dollar will be a strong growth and the breakdown level of 1.2235. In this case, we should expect continued growth of the pair with a potential target above the level of 1.2505.


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