GBP/USD New York Price Forecast: Pound falling like a stone in 6-month lows, challenging 1.2100 figure

 

 

GBP/USD is dropping like a stone in March 2020 as the market is nearing its lowest point since September 2019. Despite the Fed cutting 100bps, GBP/USD remains very weak.

 

 

GBP/USD is under heavy selling pressure in six-month lows trading well below the main SMAs. The bears are in control and a break below the 1.2086 support can lead to further losses towards 1.1960 and 1.9000 figure, according to the Technical Confluences Indicator. Resistance is seen near the 1.2161, 1.2200 and 1.2300 levels.