Overall, GBP/USD is moving across. Recently, GBP/USD trended lower, breaking the support level of 1.28700 after the World Health Organization (WHO) declared the coronavirus a global pandemic.
Yesterday, the Bank of England (BoE) announced an emergency cut in the U.K. interest rate from 0.75% to 0.25% in response to the worsening condition of the coronavirus outbreak. During the press conference, BoE Governor Mark Carney said that the BoE can still reduce interest rate to below 0.25% and close to but above 0%.
The U.K. GDP m/m data (Actual: 0.0%, Forecast: 0.2%, Previous: 0.3%) released yesterday was worse than forecasted.
Also, the U.K. Finance Minister Rishi Sunak said that he would set aside 5 billion pounds to aid Britain’s National Health Service and other public services in tackling the coronavirus outbreak.
Currently, GBP/USD is testing to break below the key level of 1.28. Its next support level is at 1.27700 and the next resistance level is at 1.28700.
Look for short-term selling opportunities of GBP/USD if it breaks below the key level of 1.28.
Yesterday, the Bank of England (BoE) announced an emergency cut in the U.K. interest rate from 0.75% to 0.25% in response to the worsening condition of the coronavirus outbreak. During the press conference, BoE Governor Mark Carney said that the BoE can still reduce interest rate to below 0.25% and close to but above 0%.
The U.K. GDP m/m data (Actual: 0.0%, Forecast: 0.2%, Previous: 0.3%) released yesterday was worse than forecasted.
Also, the U.K. Finance Minister Rishi Sunak said that he would set aside 5 billion pounds to aid Britain’s National Health Service and other public services in tackling the coronavirus outbreak.
Currently, GBP/USD is testing to break below the key level of 1.28. Its next support level is at 1.27700 and the next resistance level is at 1.28700.
Look for short-term selling opportunities of GBP/USD if it breaks below the key level of 1.28.