GBPUSD bearish crossover
Gary Christie September 28, 2020 5:25 PM
The downside prevails after key moving average crossover: Chart
The US Dollar was bearish against all of its major pairs on Monday. On the US economic data front, no major economic data was released.
On Tuesday, Wholesale Inventories for the August preliminary reading are expected to decline 0.1% on month, compared to -0.3% in the July final reading. Finally, the Conference Board's Consumer Confidence Index for September is expected to spike to 90.0 on month, from 84.8 in August.
The Euro was bullish against most of its major pairs with the exception of the AUD, CHF and GBP. In Europe, no major stats were released.
The Australian dollar was bullish against most of its major pairs with the exception of the GBP.
The GBP/USD jumped 87 pips to 1.2833 in Monday's trading making it the pair with the largest Pip move. Key resistance remains at the 1.2985 level (Green Line). A bearish cross has been confirmed after the 20-day moving average crossed below the 50-day. Look for continued downside towards 1.251 support unless 1.2985 is broke to the upside.
Source: GAIN Capital, TradingView
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