USD: technical outlook
The USD made decisive moves mostly with the exotic currencies - let's have a look to prepare for new market entries.
GBP: back to 1985
Key indicators
Performance in 2020: -10%
Last day range: 1.2002 – 1.2271
52-week range: 1.1845 – 1.3350
Resistance
Currently, the GBP trades in the area of 1.1860 against the US dollar. The monthly chart below shows its historical performance. The resistance is located at 1.2655, which may seem too stretched even for a daily chart, but under the conditions the UK is now it is quite reasonable: GBP/USD was there not more than a week ago.
Support
A diligent trader will reproach the author for not zooming out the chart enough to show what the support of 1.1700 is based on. Unfortunately, MetaTrader 4 doesn’t allow zooming out enough to capture 35 years of GBP/USD performance and show where the pound was in 1985.
Wait… what?
Right. A 35-years low. Soviet Union was still there when the pound was this low. Why? Because of the coronavirus, Brexit, global assets dumped, the GBP dumped for the USD, bad weather, you name it. Therefore, there is quite no certainty on the next move by the GBP. But as usual: be amazed by what the market does, but don’t step away from your trading fundamentals. As bottomless a plunge as it seems, there will be a sure correction upwards – be there to catch it.
Gaspar Markosyan
Similar
GOOGLE stock: two steps to recovery
Google is going up. When are we to expect full recovery? This short technical analysis will give you some clues where to look at.
AMAZON stock: extending borders
Amazon is enjoying increased demand for its services. What should we expect?
Latest news
Downside target for USD/CAD
USD/CAD has made an immense move to the downside on Tuesday falling by about 200 pips.
USD: technical outlook
The USD made decisive moves mostly with the exotic currencies - let's have a look to prepare for new market entries.
Moderna: is it still the leader in COVID-19 fight?
While biotech companies are struggling to find the vaccine, investors make bets who’ll win this race.
Deposit with your local payment systems
