GBP/USD breaks above 1.30 as coronavirus fears send USD down

Yohay Elam FXStreet

The US dollar is falling alongside ten-year treasuries. Coronavirus fears have risen as three more European countries have confirmed cases of the respiratory disease. American markets initially opened higher before turning down. Investors are flocking into the safety of bonds, pushing returns on treasuries lower and making the greenback less attractive.

The pound is not reacting to Brexit headlines. The EU has published its 46-page mandate for negotiating with the UK about post-Brexit future relations. The rhetoric remains elevated between both sides of the Channel.

GBP/USD has surpassed the 200 Simple Moving Average on the four-hour chart, a bullish sign. It had previously topped the 50 and 100 SMA and momentum has turned positive. Resistance awaits at 1.3020, followed by 1.3060 (double-top) and 1.3110. Support is at 1.29, 1.2940, 1.29, 1.2875, and 1.2850.

GBP USD Technical Analysis February 25 2020

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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