GBP/USD: Resumption of the downturn
|GBP/USD late March's daily chart is pointing to a resumption of the downturn, according to FXStreet’s analysts Yohay Elam.
Key quotes
“The Relative Strength Index on the daily chart has emerged from below 30, thus exiting oversold conditions – and allowing for more falls. Momentum remains to the downside, and the currency pair trades well below the 50, 100, and 200-day Simple Moving Averages.”
“Some support awaits at 1.22, which provided some relief in mid-March. It is followed by 1.1970, which temporarily paused the recovery.”
“Looking up, 1.2405, a stepping stone on the way down, played a role in late 2019. The round level of 1.25 held cable up in mid-March. It is followed by 1.2610.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.