Here is a look at our GBPUSD daily forecasts for today, 30 March 2020.
The COVID-19 corona virus has been the most influential in the markets in the last couple of weeks.
Until a vaccine is discovered and lockdowns stop, it will continue to play a big part in influencing investor decisions.
If we turn to the charts for direction, we’ve seen the Pound gaining most of the ground it lost early this month.
Will it continue, or will it give back the gains?
The early Asian session is showing the USD strengthening.
Daily and 4-hour charts show the potential for a further move up.
If it does, we are looking at having the price go to the resistance levels R61 1.2772, R78 1.2947 with the extreme at R100 1.3169
That is a very generous move if there is liquidity in the market.
If there isn’t expect a range around the pivot areas.
Switching to the lower timeframe will provide you better entry signals for scalpers and day traders.
If the USD is to follow through with the early Asian session gains past the daily pivots of 1.2130 there is a likelihood of it aiming for support levels S38 1.1733, S61 1.1488.
In times like these, the markets can become erratic pretty fast. So exercise caution in your trading.
COVID-19 is real, be safe. Trade safe and follow your rules.