17.03.2020 GBP/USD Analysis

17.03.2020 GBPUSD Analysis Last week's last trading day, with the relatively weak data flow, the consumer confidence of the University of Michigan, which was announced in the USA, was followed from March to 95.9 in March. On the first trading day of the week, the Fed surprisingly went on to cut interest rates by 100 basis points, dropping its funding rate to the range of 0 - 0.25 percent, and made a commitment to increase bond purchases by at least $ 700 billion. Weak economic data continued to flow in the UK during the day, while the New York Branch Manufacturing Index in the USA fell to minus 21.5, the lowest level recorded since March 2009. As concerns about the virus spreading in the global markets continued to increase, it was observed that the GBP / USD downward movement continued at the end of the day with the developments followed. Technically, it was observed that GBP / USD continues to be determinant at 1.2260 level. As long as the downtrend in the parity continues, sales to come as long as they remain below the resistance level of 1.2320, 1.2180, 1.2120 and 1.2040 are important support levels to follow. 1.2320, 1.2380 and 1.2440 resistance levels should be followed in the upward movement of the possible purchases and the trend in the parity. [mstock id = "1603"]