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Christopher Lewis

The British pound has gone back and forth during the trading session on Tuesday, as we are dancing around the 50 day EMA. Ultimately, the market is likely to see a lot of choppy volatility, as the British pound has a whole plethora of issues around it. After all, the British economy was one of the slowest to wake up, as coronavirus had kept the economy close for so long. Furthermore, we have to worry about the Brexit situation and that of course has been an absolute disaster for years. Because of this, people are a bit hesitant to go when it comes to the British pound, so do not be surprised at all to see this market continue to get faded.

GBP/USD Video 24.06.20

Just above, we have the 200 day EMA which could cause some issues as well, so I do think that will cause some major problems as well so keep in mind that the market will react to that as it is a longer-term technical indicator. If we were to break above there then it could change a lot of things and have the market looking for the 1.2750 level at the very least, and then perhaps zero level. At this point in time, the market looks more likely to run into trouble than not but having said that the US dollar has struggled a bit during the trading session, so anything is possible obviously. The question now is whether or not we get any type of news?

For a look at all of today’s economic events, check out our economic calendar.

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