Markets are moving! GDP/USD.
Huge push to the upside for the pound, on the smaller time frame. With the pound pushing past the 1.2111 mark and climbing. Are things finally looking up for the Pound?
Looking at the weekly time-frame it’s still looking bleak. With an overall downward trend for the GBP/USD continuing. Currently breaking through the 1.21106 support formed back in January 2017 and trading within the weekly support and resistance area.
With the recent push up in pound it seems that there could be hope for the tumbling GBPUSD.
Looking on the longer time-frame such as the monthly chart, you can see that is has broken past a recent support at 1.22190 and only went up to retest the same level to possibly use it as a newly formed resistance, we can also see that there is a large range in the form of a wick back in September 2016 that we could see getting filled.
The Euro only continues to drop lower and lower. When we looked at the EUR/USD pair on the 7th, it was at a 4-month low. When we revisited it just under a week ago, it had managed to hit a low not reached since April 2017. And now the Euro has dropped further still, sinking below the 1.0800 mark. It seemed to recover slightly, but has now dropped back down, leading to a 34-month low.
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The Nikkei, or Japanese Stock Market Index, is down 1.6% after a fall of 330 points, marking a fourth straight day of losses.
The most obvious factor affecting this is the continuing fears of the coronavirus, which is affected all Asian markets as the severity of the virus only worsens.
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