GBP/USD New York Price Forecast: Pound under heavy pressure in five-month lows, fast approaching 1.2200 figure

GBP/USD is dropping sharply, now nearing the 1.2200 figure.
The level to beat for bears is the 1.2230 support.

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 October 2019. Despite the overnight Fed cut, GBP/USD remains extremely weak.

GBP/USD four-hour chart

GBP/USD is under heavy selling pressure in five-month lows trading well bealow its main SMAs. The bears are in control and a break below the 1.2230 support can lead to further losses towards the 1.2160 and 1.2000 figures, according to the Technical Confluences Indicator.

Resistance: 1.2263, 1.2326, 1.2352

Support: 1.2230, 1.2160, 1.2000

Additional key levels

GBP/USD

Overview
Today last price	1.2231
Today Daily Change	-0.0046
Today Daily Change %	-0.37
Today daily open	1.2277

Trends
Daily SMA20	1.2873
Daily SMA50	1.2972
Daily SMA100	1.2985
Daily SMA200	1.2708

Levels
Previous Daily High	1.2625
Previous Daily Low	1.2264
Previous Weekly High	1.3201
Previous Weekly Low	1.2264
Previous Monthly High	1.3204
Previous Monthly Low	1.2726
Daily Fibonacci 38.2%	1.2402
Daily Fibonacci 61.8%	1.2487
Daily Pivot Point S1	1.2153
Daily Pivot Point S2	1.2028
Daily Pivot Point S3	1.1792
Daily Pivot Point R1	1.2513
Daily Pivot Point R2	1.2749
Daily Pivot Point R3	1.2874

Author

Flavio Tosti

Independent Analyst

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