Pound Sterling Price News and Forecast: GBP/USD started out a fresh week on a negative note

FXStreet Team FXStreet

GBP/USD: A bearish start to the week as UK PM hospitalized amid coronavirus

Amid reports that the UK Prime Minister (PM) Boris Johnson is admitted to hospital for some coronavirus-linked precautionary tests combined with persisting broad US dollar weakness, GBP/USD started out a fresh week on a negative note in Asia this Monday.

The cable remains the main laggard across the fx space so far, as the bears look to test the 0.2200 level, having eroded nearly 60-pips in early trades. The main catalyst behind the sharp drop is about the increased concerns over the PM Johnson’s health condition, as he gets hospitalized after dealing with mild virus symptoms for 10 days after being tested positive.

GBP/USD

Overview
Today last price	1.224
Today Daily Change	-0.0030
Today Daily Change %	-0.24
Today daily open	1.227

Trends
Daily SMA20	1.2224
Daily SMA50	1.2667
Daily SMA100	1.2862
Daily SMA200	1.2661

Levels
Previous Daily High	1.2408
Previous Daily Low	1.2205
Previous Weekly High	1.2476
Previous Weekly Low	1.2205
Previous Monthly High	1.3201
Previous Monthly Low	1.1412
Daily Fibonacci 38.2%	1.2283
Daily Fibonacci 61.8%	1.2331
Daily Pivot Point S1	1.2181
Daily Pivot Point S2	1.2092
Daily Pivot Point S3	1.1978
Daily Pivot Point R1	1.2384
Daily Pivot Point R2	1.2497
Daily Pivot Point R3	1.2587

GBP/USD Forecast: Reality check coming to the UK

The GBP/USD pair ended the week with losses around 1.2270, although it held at the upper end of its previous weekly range. The pair fell to 1.2204 on Friday amid the resurgent dollar’s demand, although meeting buyers around the level, as the Pound remains resilient. On Friday, Markit released the final version of the UK March Services PMI, which was downwardly revised to 34.5 from a preliminary estimate of 35.7. At the beginning of the week, Markit will release the March Construction PMI for the kingdom, previously at 52.6.

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FXStreet Team

FXStreet

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