FX.co ★ GBP/USD analysis for 03.31.2020 - Completion of the ABC downward correction ? Potential forr new upside swing towarrds the level of 1.2635

Corona virus summary:

Spain reports record single-day death tollSpain has recorded a record new single-day coronavirus death toll after 849 people died from the virus between Monday and Tuesday. The country's total number of cases now stands at 94,417 – up from 85,195 on Monday – and its death toll at 8,189.

Russia records biggest daily increase for seventh day runningThe number of coronavirus cases in Russia jumped to 2,337 on Tuesday, an increase of 500, as the country recorded its biggest daily rise for the seventh day in a row. In Russia, 18 people who contracted the coronavirus have died, while 121 people have recovered.

Technical analysis:

GBP has been trading sideways at the price of 1.2346. I found that there is potential completion of the downward correction (ABC), which is sign that we might see another uward swing towards the levels at 1.2482 and 1.2636.

Stochastic oscillator is showing potential bull cross near the 50 level, which is good confirmation for our long bias...

Resistance levels are set at the price of 1.2482 and 1.2636.

Support levels are set at the price of 1.2292 and 1.2240

Watch for buying opportunities with the targets at 1.2482 and 1.2636