18.03.2020 GBPUSD Analysis

18.03.2020 GBPUSD Analysis On the first trading day of the week, the Fed went on a surprise 100 basis point rate cut, taking its funding interest to a range of 0 - 0.25 percent and pledging to increase its bond purchases by at least $ 700 billion. On the second trading day of the week, the UK average income index rose 3.1 percent, while the unemployment rate rose from 3.8 percent to 3.9 percent. In the US, retail sales announced in February fell 0.5 percent before the effects of coronavirus on the economy were yet to be seen, while industrial production data rose 0.6 percent. The first vaccine against coronavirus in the United States is being tested on volunteers as concerns about the virus spreading in global markets continue to grow. At the end of the day, the GBP/USD continued its downward movement for the sixth consecutive day. Technically, GBP / USD remained stable at 1.2060. 1.1980, 1.1905 and 1.1820 are important support levels that should be followed in case of a continued downward trend in parity with sales that may come as long as 1.2180 is below the resistance level. 1.2180, 1.2260 and 1.2340 resistance levels should be followed in the upward movement of the trend in the parity with possible purchases. [mstock id= " 1603"]