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Mar 16 - 09:48 PM

GBP/USD - October Low Provided A Base, But Downtrend Is Strong

By Andrew M Spencer  —  Mar 16 - 07:25 PM
  • Flat after closing off 0.2%, but a fifth lower daily high and low

  • Fin min Sunak to unveil coronavirus financial package for firms nFWN2B921F

  • PM Johnson closes down social life to slow coronavirus spread nL8N2B98D3

  • This is a major change in UK government policy after heavy criticism

  • Charts, 5, 10 & 21 daily weekly and monthly MAs head south - negative setup

  • Initial support is the 1.2196 October low then 1.1959 September & 2019 base

  • Early London 1.2420-30 hourly range high is initial resistance

gbp mat 17 Click here

Source:
Refinitiv IFR Research/Market Commentary

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