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3 Mar 2020
GBP/USD Price Analysis: Cable is back to testing the daily lows
- GBP/USD pushes lower once again as the dollar catches a bid in late US trade.
- The last wave low stopped at 1.2725 and the pair met resistance at 1.2850.
GBP/USD 4-Hour Chart
Cable is once again under pressure in late US trade.
The price has really struggled over the last week even as the US dollar lost ground elsewhere.
This is interesting as the EUR has gained against both GBP and USD. This, in turn, means its largely a EUR move.
The majority of GBP weakness came after the UK government stated the UK would be prepared to leave the EU without a deal.
Looking at the technicals now, if the pound does get some relief 1.2865 could be an area where the price meets some resistance.
On the downside, the key level remains the previous wave low at 1.2725.
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Additional Levels