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Sterling was heavily sold off on Thursday as risk aveRSIon continues across finANCial markets. GBPUSD was the worst performer among the major FX pairs today, hitting levels unseen for the past 35 years. Nervousness over the coronavirus pandemic maintains its grip on investors, with the rush to liquid assets providing a strong boost to the USD.
The dollar index (DXY) has surged almost 5 percent in the past three days and is Trading at a fresh three-year high. The index is currently sitting at 102.74, with a strong likelihood to test 103 in the coming sessions. The US dollar is the worlds reserve currency, is highly liquid and therefore very much sought-after during times of crisis; as investors chose to hoard cash over market placements.
The UK government announced a large 330 billion sterling stimulus package on Tuesday with hopes to alleviate fears in the markets. It would appear to have done little in that way, with critics continuing to point out the lack of urgency in the governments measures to stem the contamination within the UK. PM Johnson only recently issuing a warning against mass gatherings, after numerous concerts and events were maintained across the country.
From a technical perspective, with a spot rate unseen since 1985, the GBPUSD pair will likely continue to plummet further barring any government action to stabilize the Exchange rate. The pair have recently failed to register any meaningful recovery, with the only apparent factor in the bounce off the 1.15 psychological low being the heavily oversold conditions which kept investors from putting in new short orders. Indeed, the RSI is holding steady around the 16 marks, indicating severely oversold levels. Momentum is heavily skewed to the downside; it can be expected that any upward correction will likely be seen as a selling opportunity and will likely fizzle out quickly.
(Chart Source: Tradingview 19.03.2020)
Looking ahead, should the USD maintain its strength and the DXY pushes above the 103 marks, we may be looking at a further steep decline in the GBPUSD rate in the short term.
Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.
本文标题：GOLDWELL：Daily Market Recap - GBPUSD Crashes to Record Lows
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