Home Forex News GBP/USD Breaks Above 1.27

GBP/USD Breaks Above 1.27

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The British economy has been hit hard in the wake of the Covid-19 pandemic. Just last week, the severity of the downturn was presented in stark terms by the Office for Budget Responsibility (OBR).

According to the OBR, the UK economy will contract between 10.6% and 14.3% in 2020. Still, there seems to be some optimism about the economy, at least in some circles. Andy Haldane, the BoE’s chief economist, told MPs this week that the economy had recovered about half of the fall seen in March and April due to the coronavirus, and said that the economy had produced a “V-shaped bounceback”. This means that the economy was on track for a quick recovery. Is Haldane being overly optimistic? Some economists have argued that although a recovery is indeed underway, it is not “V-shaped” and the reb0und in economic activity will take time.

TREND : SIDEWAYS

Time                                      :               22/07/2020

Pivot                                     :               1.2711

Technical View                     :               LONG ABOVE 1.2731

Target                                   :               1.2751, 1.2788, 1.2833, 1.2896

Technical View                     :               SHORT BELOW 1.2691

Target                                   :               1.2671, 1.2642, 1.2589, 1.2535

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