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InstaForex

June 15, 2021

Beware Trader! GBP/USD Risk To Continue Slipping

 Back at risk for Pound trading, developments in the UK are seen as less encouraging as Prime Minister Boris Johnson's plans to open up the UK economy have been disrupted.


Following concerns over the spread of the Covid-19 Delta variant in the UK, the UK has officially announced a moratorium on measures to remove movement restrictions scheduled for June 21 earlier, extended until July 19.




Let's take a look at the price movement on the main chart of the GBP/USD currency pair.


The Pound's performance, which is expected to continue to be dismal this week, will lead to lower prices if the US dollar continues to dominate.


Nevertheless, the bearish momentum exhibited over the weekend began to slow earlier this week as investors were wary of the US dollar ahead of the FOMC meeting on Thursday.


The factor managed to restrain the price on the GBP/USD chart from falling lower when the price was successfully supported at the support zone of 1.41000.



The price moved flat above the 1.41000 level to continue in the Asian session on Tuesday morning, but investors are still cautious for possible downside expectations with the price still moving below the Moving Average 50 (MA50) barrier level which signals a bearish trend pattern.


If the decline continues, the price that falls below the price zone of 1.41000 is seen to lead to a lower support level at 1.41000 which is in the RBS zone (resistance become support).


However, if the 1.41000 support zone continues to support the upside for the 5th week in a row, the price will return to the resistance zone at 1.42000.


Beyond that resistance, a higher target for the upside is seen at the level of around 1.43000.


For today’s Pound trading, the upcoming UK jobs data report to be published in the European session will be the focus of investors.