GBPUSD under pressure

Blue avatar for guest contributors
By :  ,  Financial Analyst

GBP/USD under pressure

The UK reported that a coronavirus variant has spread quickly in London and south-east England, causing European countries - including Ireland, Germany, France, Italy, the Netherlands and Belgium - to impose travel bans on the UK. British Prime Minister Boris Johnson imposed new Covid-19 measures on London and parts of southeast England.

GBP/USD produced a bearish gap at the open of trading. The pair is capped by its declining 20 and 50MAs. The RSI is bearish and doesn't show any reversal signal. Readers may want to consider the potential for opening Short positions below the resistance level at 1.3345 with bearish targets at 1.323 and 1.32. Alternatively, a break above 1.3345 would call for a rebound towards 1.3395 and 1.342.

Source: GAIN Capital, TradingView

Related tags: Forex GBP

Open an account today

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.
Economic Calendar