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GBP / USD pair declines to 1.36

The GBP / USD pair continues to move down on Thursday amid the strengthening of the dollar across the entire spectrum of the market. Investors are playing back the results of yesterday's FOMC meeting and the comments of British Prime Minister Boris Johnson.

 

Recently Boris Johnson announced the extension of the nationwide quarantine until March 8. At the same time, he noted that the country cannot sit in quarantine forever. The government is developing a plan to gradually lift restrictions after March 8. Details of the plan to exit the quarantine will be presented in the week of February 22.

 

The pressure on the British currency is also exerted by low investor interest in risky assets. Major global indices are trading in the red after very cautious statements from the Fed and fears associated with a pandemic.

 

The economic calendar today will focus on news from the United States. It is expected to publish data of the initial estimate of GDP growth in the 4th quarter, a weekly report on the labor market and a report on new home sales for December.

 

On the chart, we mark an unsuccessful attempt by buyers to break through the resistance at 1.3745. The price bounced down very strongly. We are waiting for the continuation of the bearish wave with the target at 1.3600.

 

  • Resistance levels: 1.3690, 1.3720, 1.3745;

 

  • Support levels: 1.3600, 1.3510, 1.3465.

 

The main scenario is a decline to 1.3600 and an upward correction.

 

An alternative variant is consolidation below 1.3600 and a decline in the direction of 1.3465.

 

The current fundamental outlook is negative. We consider shorts on a pullback to levels 1.3690 and 1.3720.

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