OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/USD: More gains allowed

GBP/USD has been falling as markets attempt to recover from the coronavirus-linked crash on Monday. The cable Tuesday's technical chart is pointing to a resumption of gains.

Key quotes

“The cable is trading above the 50, 100, and 200 Simple Moving Average on the four-hour chart and the Relative Strength Index has dropped below 70 – exiting overbought conditions and allowing for more gains.” 

“Initial support awaits at 1.3020, a swing high in February, and then by 1.2950, a resistance line dating back to February.

“Some resistance is at 1.3070, which capped cable twice in February. It is followed by 1.32, Monday's peak, which also held it back beforehand.”

 

China's Xi: Will speed up application of effective medicines for coronavirus

"Coronavirus control tasks in Hubei and Wuhan remain arduous," China's President Xi Jinping said on Tuesday, Reuters reported, citing Xinhua news agen
Read more Previous

GBP/USD could retreat and test 1.3000 very near-term – UOB

FX Strategists at UOB Group believes Cable could recede and re-visit 1.3000 although a breach of this level looks unlikely in the very near-term. Key
Read more Next
Start livechat