Home Forex News GBP/USD Experiences a Dull Day as It Extends Its Previous Week’s Fall

GBP/USD Experiences a Dull Day as It Extends Its Previous Week’s Fall

GBP/USD dips around the 5-day low price at 1.242 with a bearish daily enclosure over the past four days. As per the current momentum, the current trading session is going to bring no good either. The current descending channel has left Pound with no support from 50-day and 200-day MA on the half-hourly chart. The trend of the pair is already below 38.20% Fib Retracement level after the price descended below 1.246.

Technical Analysis: GBP/USD

GBP Price Chart

On the half-hourly chart, the fine uptrend in the early half of the previous week was breached due to a steep rise around the 2-week resistance at 1.264. the pair is facing a strong hit at 1.264 due to lack of steady traction, while currently remains dull in the trading session. As Pound fails to rise against the greenback due to the economic standstill with the Coronavirus outbreak, the pair is likely to have an extended fall due to a lack of steady support. This will rightly confirm the bearish consolidation around 0.00% Fib Retracement level at 1.235 price area.

The technicals are drawing a bearish picture as the US Dollar is unable to revive due to the economic setback; however, a few relaxations are likely to be helpful. The RSI of the GBP/USD is hitting at 37.46, and a further dip will lead to increased selling pressure.

Marisol Contreras
Marisol Contreras
Marisol is a crypto analyst and crypto trader. She invests in various cryptocurrencies and has a great idea about the finance market. She works as a chief editor of our team and makes the latest crypto news. She can be contacted by email: marisol@forexnews.world.

Must Read

Views of Chamath Palihapitiya on Bitcoin

A lot of factors drive the world of cryptocurrency and blockchain technology, and one of the most sophisticated factors that we are going to...

Everything You Need to Know About Forex Scams

Foreign trading or forex trading is the trading of different foreign currencies listed in a pair known as forex pairs. The parties involved in...

Following The Success Of Covesting’s First Five-Star Trader

Weeks ago, a challenge was put out amongst the trading community: try to become the first five-star Covesting trader. At the time, the feat...

THINK OF AD WORLD: THINK OF GLADIO.COM

From how to look, what to wear, what to eat, what to drive, almost everything in our lives is taken care of. That is...

Coinitix Makes it Possible for Users to Buy Bitcoin Using Credit Cards

People interested in investing in cryptocurrencies always felt a void when using credit cards to buy Bitcoins through a secure exchange. But now, things...