“Freedom Day” Sentiment Fails To Inject A Surge For GBP/USD - Kakiforex.com - Financial Market Media No. 1 in the World “Freedom Day” Sentiment Fails To Inject A Surge For GBP/USD “Freedom Day” Sentiment Fails To Inject A Surge For GBP/USD
InstaForex

July 19, 2021

“Freedom Day” Sentiment Fails To Inject A Surge For GBP/USD

 The pound sterling remained in the risky group of currencies after closing last week’s trading at lower levels.


Although today 19 July (Monday), is the day set for the reopening of the UK economy by ending the movement restriction measures, it still does not have a positive movement effect for the Pound.


This is likely due to concerns of daily reported cases of infection exceeding the 50,000 level and many UK citizens have been ordered to quarantine themselves after being detected close contact with infected individuals.


The situation is seen to drown out the UK's "Freedom Day" sentiment this week which is expected to help restore the Pound's performance in the market.




On the GBP/USD pair chart price chart, it was disappointing for investors when the price closed last week’s trade lower after falling below the support level of 1.38000.


The price has come out of the 100 pips zone of the price on the movement displayed over the past week and hit the level around 1.37600 at the end of the New York session on Saturday morning.



Continuing trading at the market opening earlier in the week, the price dropped slightly lower in the Asian session to head for the previous weeks support around 1.37400.


Price movement below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame on the chart will remain signaling for a bearish trend.


The support zone at 1.37000 is seen to be tested this week with a lower target after passing the zone is heading to the level of 1.36000.


For a bullish situation, the 1.38000 level will be the latest resistance of the price this week with the expectation that the price failing to break through, will continue to continue the decline.


If the price breaks the zone 1.38000-1.38300 it will give an early signal for a further price increase to test the zone 1.39000.