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GBP/USD Price movement For March 16, 2020

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The weekly clean low 1.2033 as a liquidity pool is acting as a magnet area for the Cable now. The global pandemic of the coronavirus will be push the GBP/USD pair to move down with the first target at the 1.2194 before the Cable sinks to 1.2033. As long as the pair does not retrace upwards higher than 1.2625-1.2650, the odds are that GBP/USD will go down to reach the 1.2033.

The overall bias of GBP/USD is bearish.

Disclaimer: Trading Forex on margin carries a high level of risk, and may not be suitable for all traders or investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

The material has been provided by InstaForex Company - www.instaforex.com