The British pound tumbled lower against the greenback, as monthly UK Inflation and Retail Sales data came in worse than expected. What else contributed to else has negatively impacted the British Pound? This 20 April GBPUSD Technical Forecast reveals.
20 April, OctaFX – The British pound has moved sharply lower against the U.S dollar, after bearish comment on future rate hikes from Bank of England Governor Mark Carney.
The GBPUSD pair currently trades around the 1.4070 level, with pound sellers firmly in control while price-action trades below the key 1.4168 level. Traders now look to the 1.4200 level as the daily pivot, while the pairs weekly price-close remains key for medium-term trading sentiment.
20 April GBPUSD Technical Forecast
The GBPUSD pair retains an intraday bearish bias while trading below the 1.4200 level, key intraday support is found at the 1.4168 and 1.4146 levels.
If the GBPUSD pair trades above the 1.4200 level, buyers may move price-action back towards the 1.4244 and 1.4260 levels.
This article about 20 April GBPUSD Technical Forecast was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.
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