Bad Covid situation in the UK

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By :  ,  Financial Analyst

Bad Covid situation in the UK

Covid-19 situation is worsening in the U.K. as the government has added London to its watch list of potential pandemic hot spots. Tomorrow, August Mortgage approvals will be published.

From a technical point of view, on a daily chart, GBP/USD stands below its 50-day moving average (in blue). The daily RSI remains within its selling area. Readers may therefore consider the potential for further weakness below horizontal resistance at 1.3000. The nearest support would be set at horizontal support at 1.2500 and a second one would be set at June bottom at 1.2250 in extension.

Source: TradingView, GAIN Capital

Related tags: Forex Forex GBP

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