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24 Mar 2020
GBP/USD New York Price Forecast: Pound consolidates selloff, trading near 1.1750 level ahead of US Markit PMI
- GBP/USD is bouncing from the 1985 lows while consolidating the recent dramatic selloff.
- In the last days, both the Fed and the BoE have ramped up their Quantitative Easing (QE) programs.
- Coming up next on the macroeconomic front, the US Markit Purchasing Managers Indexes (PMI).
GBP/USD daily chart
GBP/USD is consolidating the selloff while trading off the 1985 lows. The fed launched unlimited QE on Monday while the Bank of England (BOE) cut interest rates and added 200 billion in QE, last week. This Tuesday, at 13:45 GMT, data from the US will be scrutinized by investors. US Markit Purchasing Managers Indexes March Preview: How bad is bad?
GBP/USD four-hour chart
GBP/USD is challenging the 1.1750 resistance while trading below its main SMAs. Bullish attempts could find resistance near 1.1900 and 1.2000 levels while the spot remains vulnerable to the downside where sellers might try to regain the 1.1600 and 1.14000 figures.
Resistance: 1.1750, 1.1900, 1.2000
Support: 1.1600, 1.1400, 1.1200
Additional key levels