Defeated Under Pressure, GBP/USD Sinks Deeper - Kakiforex.com - Financial Market Media No. 1 in the World Defeated Under Pressure, GBP/USD Sinks Deeper Defeated Under Pressure, GBP/USD Sinks Deeper
InstaForex

March 24, 2021

Defeated Under Pressure, GBP/USD Sinks Deeper

 The pound sterling became one of the lowest performing currencies in trading yesterday after the release of a UK employment data report was seen as failing to stimulate its value surge.


Although the unemployment rate in the UK was declining, unemployment benefit claims soared while the average income index failed to meet expectations of an increase.


Next investors will pay close attention to the UK inflation data that will be published in today’s European session.


The price movement on the chart of the GBP/USD currency pair fulfilled the analyst's forecast when the price finally plunged after successfully passing the support zone of 1.38300.


Previously analysts remained watching the price move in a bearish trend after the results of the England central bank (BOE) meeting were translated into a dovish tone.


The price also moved below the Moving Average 50 (MA50) barrier level in the 1 hour time frame of the price movement adding further expectations for further decline on the GBP/USD chart.


Pushed lower yesterday as the US dollar rebounded again in the market following risky sentiment and pushing prices to fall lower.



Continuing up to trade in the Asian session today, the price has made a decline towards the support zone of 1.37000.


The lower decline that is expected to continue will lead to the next focus support zone at 1.36000.


If the price makes a rise, the SBR (support become resistance) zone of 1.38000 will be tested as well as the MA50 resistance level.


If the price manages to jump higher and signals a reversal of the bullish trend, the price target will return to the previous resistance zone of 1.40000.