Technical analysis of GBP/USD 03/26/2020
GBP/USD currency pair updated historical lows and found support at 1.1400. The price began to correct and at the moment, quotes are consolidating around the level of 1.1800. The technical view is in favor of continuing the correctional growth of the pair with a reference to the Fibo grid levels from a max for 2020.03.09 at 1.3200 to a min for 2020.03.19 at 1.1400.
The optimal resistance for the corrective movement may be the level of 50% Fibo around 1.2300, where GBP currency may begin to develop a new wave of a downtrend.
Cancellation of the downtrend can be considered a price move above 1.3500, as indicated by the breakdown of MA100 and MA200 on the W1 chart.
Created by Joshua Hayn