Explore eFXplus Derived Data That Drive Results
A Data Partner of:
Jul 23 - 06:55 AM

GBP/USD - COMMENT-Those Trading GBP/USD Should Consider It Topping

By Jeremy Boulton  —  Jul 23 - 04:40 AM

The coronavirus crisis drove GBP/USD to a multi-year low at 1.1413, and that's deep enough to force those trading the pound to reassess the 1.20-1.40 post-Brexit range.
Major technical resistance around 1.3000 will probably shape the top of a new long-term range.

The weekly Ichimoku cloud 1.2738-1.2972, 100-week moving average at 1.2746 and 200-WMA at 1.2907 weigh on GBP/USD.
The monthly Ichimoku cloud, which has effectively capped GBP/USD for a decade, begins at 1.3479.
It stretches to 1.4342.
Thick clouds do not break easily.

They are not insurmountable, but it makes sense to hedge for a lower pound ahead of those significant resistance points.

The UK is among the worst affected by the coronavirus crisis and a hard Brexit seems likely, with interest rate futures tilted into negative territory in anticipation of the stimulus that's will be needed to offset these factors.

For more click on FXBUZ

GBP/USD Click here

GBP/USD monthly Click here

Refinitiv IFR Research/Market Commentary


  • eFXplus
  • End-user license agreement (EULA)


  • About
  • Contact Us


  • Terms of Service
  • Privacy Policy
  • Disclaimer
© 2020 eFXdata · All Rights Reserved