In 2020, the UK economy may decrease by more than 5%, according to experts from the auditing company KPMG. The expected GDP decline risks being the largest in 59 years. The spread of coronavirus and the collapse of oil prices triggered a decline in British industry and services, as well as weakened domestic demand. The current situation caused panic among investors and led to a record weakening of the GBP in 35 years.
Pivot: 1.1805
Provided that the currency pair is traded above 1.1775, follow the recommendations below:
In case of breakdown of the level 1.1775, follow the recommendations below:
GBP/USD during the day: the trend remains bullish. RSI mixed, rather bullish.
| Resistance | Support |
| 1.2000 | 1.1775 |
| 1.1975 | 1.1700 |
| 1.1915 | 1.1650 |
Pivot: 1.1800
While the price is above 1.1750, follow the recommendations below:
If the level 1.1750 is broken-down, follow the recommendations below.
The trend has changed to an upward one, RSI shows the possibility of an upward momentum.
| Resistance | Support |
| 1.2425 | 1.1750 |
| 1.2240 | 1.1615 |
| 1.2000 | 1.1400 |
EUR/USD – buy above 1.0850 with 1.0950 and 1.0985 as Take Profit targets. Alternative scenario - if the level of 1.0850 is broken-down, you should consider selling with the targets 1.0825 and 1.0785 as Take Profit.
EUR/JPY - long positions above 120.29 with 121.77 and 122.16 targets as Take Profit. Alternative scenario - if the level of 120.29 is broken-down, sell with the targets 119.63 and 119.24 as Take Profit.
EUR/GBP - buy above 0.9154 with 0.9273 and 0.9305 targets as Take Profit. Alternative scenario - if the level 0. 9154 is broken-down, sell with the TP 0.9099 and 0.9066.
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