Don’t waste your time – keep track of how NFP affects the US dollar!
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Performance in 2020: +3.8%
Last day range: 0.8752 – 0.8780
52-week range: 0.8280 – 0.9326
While the UK’s response to virus with precautionary measures has been minimal so far, the British businesses do suffer from the coronavirus global consequences. And although Europe faces more significant economic damage altogether, its currency doesn’t seem to lose the battle against the British pound this time. In the middle of February, EUR/GBP came to observe the strategic 2-year low of 0.8280 but chose not to cross it. Since then, it has been rising and currently trades at 0.8775. That’s where it tests the 200-day Moving Average, being above it for the third day in a row. The Awesome Oscillator hints that a correction downwards is possible before the next move upwards. In the latter, psychological resistance levels at 0.8800, 0.8900 and 0.9000 may be the possible targets in the mid-term.
Resistance 0.8800
Support 0.8640
The number of Americans applying for initial unemployment benefits came in at a larger-than-forecast 870,000 last week, signaling that the recovery in the labor market is losing momentum as the coronavirus pandemic lingers and layoffs continue apace.
The GBP is likely to move upward until it reaches the resistance of 1.2795.
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The number of Americans applying for initial unemployment benefits came in at a larger-than-forecast 870,000 last week, signaling that the recovery in the labor market is losing momentum as the coronavirus pandemic lingers and layoffs continue apace.
The GBP is likely to move upward until it reaches the resistance of 1.2795.
The aussie is expected to plummet for the next six months. What is the reason?
