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Cryptocurrency Prices Crashes As Pound Sterling Price Drops to a 4-month Low

Published on: 02/28/20 2:19 PM

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Category: Newsletter

The price of the pound sterling has crashed to a four-month low versus the US dollar. The case of cryptocurrencies were not any better as the market was bloody all week, with most digital assets trading in the red zone. Forex Broker comparison service, FXBrokerFeed, brings you the latest trends and latest news bites in the FX Broker Market, featuring GBP/USD price crashes and the bearish run of cryptocurrencies.

Pound Sterling Price Crashes versus US Dollar

The price of the pound sterling to its 4-month lowest price versus the American dollar in the last week of February 2020. The GBP/USD pair traded around the 1.2700 price zone. A report based on the analysis from the Technical Confluence Indicator indicates that the pair may have to test the 1.2700, 1.2657, and/or 1.2600 support zone soon. If any of the support holds, traders will have to look out for the 1.2820, 1.2858, and/or 1.2900 resistance zone. But, as on Thursday, there was no sign of a reversal yet as the price of the currency pair continued to fall. Experts said that charts of different timeframes also revealed that the pair is trading below the 50/100-day SMAs.

Cryptocurrency Prices Crashes

The price of Bitcoin traded below the $8,500 price zone this week, following a bloody week believed to have been due to the coronavirus outbreak. Experienced traders were cautious with trading volumes not as high as past weeks in the month. Although there was modest bullish run for digital assets like Ethereum and Ripple on Thursday, it took less than 24-hour for the prices to resume its downward trend. Cryptocurrency traders continue to keep their fingers crossed, hoping that the beginning of March will usher in good times in the market.

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