GBP/USD Price Analysis: Pound on the back foot, bears challenge 1.2900 figure

 

 

GBP/USD is pulling back down sharply from the 1.3200 figure while trading below the 50 and 100 simple moving averages (SMAs). DXY is up across the board as investors are anticipating an economic package in response to the Coronavirus. 

 

 

GBP/USD is reversing down while challenging the 1.2900 figure and trading below the main SMAs on the four-hour chart. As the market is spiking down, on a break below 1.2846, it is likely the bears will extend the move down towards the 1.2780 and 1.2700 support levels. Bullish attempts could find resistance near the 1.2913 and 1.2980 resistances according to the Technical Confluences Indicator.