Home Forex News GBP/USD Turns Flat; Yet Manages to Stay Above 1.22

GBP/USD Turns Flat; Yet Manages to Stay Above 1.22

  • GBP/USD continues to move flat as the price accumulates around 1.235 as it lacks a direction to trade for the second day of the week, on March 31, 2020
  • This price accumulation seems to be a result of the aftermath of a rally that happened over the previous week
  • The directionless trend remains afloat above 61.80% Fib and has lost 1.07% from the weekly high of 1.24889

GBP Analysis

Taking a glance at GBP price against the greenback over the past week, we see that the pair has been stuck with accumulation above 1.220 due to a lack of steady momentum. The pair is drawing a narrow price range after a notable rally, and higher high trend as the global crisis does not take any stance to curb. The Great Britain Pound lacks support from 50-day and 100-day daily moving average, while, retains support from 200-day MA around 61.80% Fib. On a half-hourly chart, the pair has retraced an intraday low at 1.22423, until the time of writing.

Nonetheless, we have even observed a notable uptrend ahead of this stagnation, which is likely to be the result of soaring Coronavirus cases in the United Kingdom. Therefore, the trend is either flat or bearish, and a further breakdown will test support at 1.215, followed by 1.210. However, on the other side, if the pair breaks upsides, it is likely to retest weekly resistance at 1.248.

Robert Hill
Robert a Crypto writer and an expert in delivering content with both informative and entertaining approaches. He has 4 years of experience working as a crypto writer with our team. You can interact with him by email: robert@forexnews.world.

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