Market Trend for GBP/USD

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The GBP/USD is continuously moving towards its support level of 1.2050 mark due to the current pandemic over the globe and economic slowdown.  It would not be surprising, if GBP bounces back to its nearest resistance level of 1.2350 mark and thereafter 1.2500 mark.  On the Currently situation of worldwide lockdown and slow economic growth, USD is considered to be the best and safe currency worldwide and this may the reason that GBP in comparison to USD is continuously falling down.  If the GBP breaks its support level of 1.2050 mark, then the matter would more worrying and GBP will remain sluggish for another 2 week s.  


As today, there is no important data is to be published by the United Kingdom, the movement will be quite volatile.   It is also imperative to state that more than 85% buyers are waiting to buy GBP/USD on the better notes.  On the other side, it is also noted that the prospect of negative interest rate is putting pressure on British Pounds.  The basic reason for proposing negative interest rate is to support unconventionally the economy during the current economic slowdown and due to the Covid-19 pandemic.  If the dollar index trades below 100 mark the GBP will be bullish and it will break the first resistance level of 1.2350 maark.


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