Let’s Hope the Climb in GBP/USD Is Over - Forex News by FX Leaders
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.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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