Forex Trading: GBPUSD Technical Analysis – Febuary 25, 2020
Great Britain Pound (GBP) has to be fallen against the US Dollar with a price of less than 1.3000. While we inferred from the attached graph that the GBPUSD price is in the uncertainty state, but this drop is considered serious because of this time from the last continuous days, it’s below the normal drop. UK’s latest adverse updates are the reason for this fall. Hence, the technical bias might remain bearish due to its lower low wave in the last downside movement as exhibited in the graph below.
GBP/USD: Technical Analysis
The Graph below shows that the GBPUSD demanded at 1.2969. With the maximum support levels, this is quite useful for the pair that has the potential to lift up its price to the optimal level. The instant 38.2% Fib level support is at 1.2927, immediately after it, there is the trendline support at 1.2875, and then the major horizontal support stands at 1.2844.
On the opposite side, we have seen the resistance levels that work as the barriers for the pair’s price which might push the price to the further below level, the first trendline resistance is on the price at 1.2982, the next to it is the Fibonacci level at 1.3008, and then the major horizontal resistance might distract the forward momentum of the price at 1.3512.
GBP Markit Services PMI
The PMI service released on Feb. 21, 2020, is set at 53.3, which is a little worse than last month’s index of 53.9 and economist’s projection of 53.4. It provides a description of the wages and working conditions. Traders want the highest possible reading, as this will be viewed as positive for the GBP. More than 50 reading is considered to be bullish.
Regardless, it is falling from the last few days but the conditions are still conceivable to help the GBPUSD market.