The Future of GBP

GBP has been an interesting pair to look at.

We can see over the past 12 months that the Pound has been on the sideway trend with no clear directional bias with the technical exception on march when the US announces the unlimited QE and the up spike on the global demand of Dollar as the impeding global economical crisis and the outbreak of the CoVID pandemic.

From the technical aspect we also can see the pair has been zig-saw-ing the 200 days moving averages - a sign of no directional bias !

Here we see there is multiple confluence of technical indicators near the area of 1.2750

- the previous resistance turns support

- the up holding of an uptrend trend-line and fail to close below it

- the strong support of MA 200 as a dynamic support

Seems like an interesting position to take on the LONG side.

What you think on this pair? Especially with the weakening US and also the uncertainty of the Brexit.

Feel free to fill up your thoughts !