GBP/USD: still under pressure
Jean-Christophe Rolland September 23, 2020 5:20 PM
The pair has reached its lowest level since July 23.
UK PM Boris Johnson announced in the House of Commons six measures to fight against coronavirus cases increase that could last for six months warning the UK was at a "perilous turning point". Notably, pubs, bars and restaurants will be forced to close at 10pm starting Thursday.
From a technical point of view, on a daily chart, GBP/USD has broken below the overlap area at 1.2740. The 50 day MA tends to be negatively oriented above prices while the RSI is still in bearish territory. As long as the 1.3000 resistance is not broken, readers may therefore consider further downside towards 1.2500 (July support area) and 1.2250 in extension.
Source : TradingView, GAIN Capital
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