ALB Limited 27.03.2020

Daily Analysis – GBPUSD – Bullish Stance

DAILY BRIEF—We had an incredible rebound in the Pound for the third consecutive day after the lows reached 1.1406 at the start of the week. Yesterday the Pound managed to close near the major 1.22 handle and we did see the bull run continue into the European open. As the number of confirmed cases of the coronavirus in the USA exceeds 85k, in conjunction with surging unemployment data, the greenback took quite a beating, causing a price surge in other major currencies. Due to the recent intra-day price moves, we might see the Pound test the 200 DMA at 1.2669. Though intra-day, the Pound seems bullish, it is still not in bull territory.

Tags: Exchange, Forex Market News, GBP, USD

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