The retrace seems to be complete for GBP/USD

Let’s Hope the Climb in GBP/USD Is Over

Posted Monday, March 30, 2020 by
Skerdian Meta • 1 min read

Earlier this month the USD surged higher as the coronavirus broke out in Europe, followed by the US a little later. All assets went down hard against the USD, as traders turned to the world reserve currency. GBP/USD was hit the hardest, falling 18 cents, from around $32 early this month, to $14 in two weeks.

But, last week the USD reversed back down, as the FED turned extremely dovish and the US senate passed a $2 trillion bill to help the economy in this times of trouble. As a result, this pair turned higher and gained more than 10 cents, climbing to $24.80s.

That’s quite a climb in just a week, but it still is 7 cents short of the decline, so the larger trend is still bearish for this pair on the H4 chart. The 100 SMA (green) has been doing a great job as resistance on the H4 chart, which is great for us since we opened a sell forex signals last week around 150 pips lower, placing the stop above 1.25. Now, let’s hope sellers return and the bearish trend resumes.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
0 0 vote
Article Rating
Notify of
Inline Feedbacks
View all comments