GBP/USD New York Price Forecast: Pound falling like a stone in 6-month lows, challenging 1.2100 figure

GBP/USD is dropping sharply, now challenging the 1.2100 figure.
The level to beat for bears is the 1.2086 support.
GBP/USD is trading at its lowest since September 2019.

Flavio Tosti Independent Analyst

GBP/USD daily chart

GBP/USD is dropping like a stone in March 2020 as the market is nearing its lowest point since September 2019. Despite the Fed cutting 100bps, GBP/USD remains very weak.

GBP/USD four-hour chart

GBP/USD is under heavy selling pressure in six-month lows trading well below the main SMAs. The bears are in control and a break below the 1.2086 support can lead to further losses towards 1.1960 and 1.9000 figure, according to the Technical Confluences Indicator. Resistance is seen near the 1.2161, 1.2200 and 1.2300 levels.

Resistance: 1.2161, 1.2200, 1.2300

Support: 1.2086, 1.1960, 1.1900

Additional key levels

GBP/USD

Overview
Today last price	1.2092
Today Daily Change	-0.0180
Today Daily Change %	-1.47
Today daily open	1.2272

Trends
Daily SMA20	1.2836
Daily SMA50	1.2955
Daily SMA100	1.2979
Daily SMA200	1.2706

Levels
Previous Daily High	1.2426
Previous Daily Low	1.2202
Previous Weekly High	1.3201
Previous Weekly Low	1.2264
Previous Monthly High	1.3204
Previous Monthly Low	1.2726
Daily Fibonacci 38.2%	1.2288
Daily Fibonacci 61.8%	1.234
Daily Pivot Point S1	1.2174
Daily Pivot Point S2	1.2077
Daily Pivot Point S3	1.1951
Daily Pivot Point R1	1.2397
Daily Pivot Point R2	1.2523
Daily Pivot Point R3	1.262

Author

Flavio Tosti

Independent Analyst

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