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Fri, Apr 19, 2024

GBPUSD broke the top levels in Ascending Triangle and Trendline
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GBPUSD Ascending Triangle pattern

GBPUSD formed Equal highs, higher lows in 4-hour chart which creates an Ascending Triangle pattern.

Recently GBPUSD has broken the top level of the Ascending Triangle.

GBPUSD rising now due to the opening of business which creates a positive impact on Pound.

Prime Minister Boris Johnson refusing an extension to this lockdown period.

Coronavirus cases are falling continuously in the UK with slow improvements.

Brexit and coronavirus affected more in Britain’s economy.

Technically Pound getting strong now. GBPUSD has broken the top level of the Up trendline in a 1-hour chart.

gbpusd breakout retest and bounced up in uptrend line

After the breakout, GBPUSD retested the broken level and bounced up sharply as per the breakout strategy.

The US economy is getting worse as they are ranking No.1 in coronavirus cases.

US holds no.1 rank in coronavirus cases on jun 82020

The disease spread rapidly among people worldwide. However, the murder of George Floyd, an Unarmed black man at the arms of the police, sparked massive protests in the USA. 

Protest changed into lotting late at night. These types of incidents last seen in the 1960s. But the US market failed to suffer for now.

Business confidence is rising well in the USA with ISM’s purchasing Managers’ Indexes soaring more than expected result.

The Unemployment rate dropped to 13.3%, but the low-earners, laborers are facing more difficulties at this moment. 

The USD gained some ground, but it was limited against the pound. because Pound is falling down continuously for a long time due to different critical events.

Still, USD is considered as a major safe-haven currency for worldwide investors.

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