Mar 17, 2020
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.
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