GBP/USD New York Price Forecast: Pound under heavy pressure in five-month lows, fast approaching 1.2200 figure

 

 

GBP/USD is dropping like a stone in March 2020 as the market is nearing its lowest point since October 2019. Despite the overnight Fed cut, GBP/USD remains extremely weak.

 

 

GBP/USD is under heavy selling pressure in five-month lows trading well bealow its main SMAs. The bears are in control and a break below the 1.2230 support can lead to further losses towards the 1.2160 and 1.2000 figures, according to the Technical Confluences Indicator.