Pound Under Pressure U.K Services Worst Month FxPremiere.com – The pound continued its selloff against the dollar on Friday, as the U.K. Following the amount of news released we can see the capital market movments are extremely volatile.
IHS’s Markit’s services purchasing managers’ index, which measures the change in monthly sector activity, fell to reading of 34.5, the worst ever recorded.
Offering a sliver of optimism, Health Secretary Matt Hancock tentatively suggested infections in Britain could peak on April 12, Sky reported.
“I defer to the scientists on the exact predictions, I’m not going to steer you away from that.
An increase in the Bears’ momentum may break down the demand level of $115, in which the price level of $114 will be exposed. Should the Bulls defend the demand level of $116, the bulls may break up the $116 price level and expose the supply level of $118 and $117 – ForexSignals.biz for Shopify Signals subscription.
Supply levels: $117, $118, $119
Demand levels: $116, $115, $114
EURJPY Long-term Trend: Bearish
The supply level of $117 holds the price. On 26 March, the bears took over the market with the formation of massive bearish candles. The former demand levels of $119, $118 and $117 was penetrated downside. The price is currently exposed to the demand level of $116 Pound Under Pressure U.K. Services .
The 9 periods EMAs have crossed the 21 periods EMA downside and the price is trading below the two EMAs which indicate that the Bears are in control of the EURJPY market. An increase in the Bears’ momentum may break down the demand level of $116, Pound Under Pressure U.K.