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Pound Sterling Price News and Forecast: GBP/USD recovery moves aim for short-term horizontal resistance

Written by By FXStreet Team | 2020-03-26 03:20:13 GMT

GBP/USD Price Analysis: Recovery moves aim for short-term horizontal resistance

While extending its recent recovery, GBP/USD marks 1.1870 as a quote, down 0.07%, amid the Asian session on Thursday. In doing so, the pair inches closer to the short-term horizontal resistance amid the bullish MACD conditions.

In addition to 1.1975-1.2000 horizontal area, 100-bar SMA near 1.2335 and 61.8% Fibonacci retracement level of the current month’s fall, around 1.2520, could also challenge the buyers during the further upside.

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GBP/USD Forecast: Pound welcomed UK government’s measures

The GBP/USD pair was quite volatile, trading between 1.1638 and 1.1973, this last an over one-week high. The Sterling was backed by risk appetite, also supported by the UK´s decision to change its stance toward the coronavirus, announcing tougher measures, including a lockdown of the country. The pair fell to the mentioned low as the greenback temporarily recovered its poise, amid US equities trading in the red ahead of the opening.

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