- Analytics
- Market analysis
- Technical Analysis
- GBP/USD is trading near a two-month low
GBP/USD is trading near a two-month low
By the beginning of European trading, the GBP/USD pair rose to $1.2805, but later fell sharply to $1.2700, remaining near a two-month low. On the hourly chart, the pair remains below the moving average line MA (200) H1 ($1.2845) and on the four - hour chart- below MA (200) H4 ($1.3060). The $1.2675 support may keep GBP/USD from further decline. If it breaks through, the price may fall to $1.2640 (minimum July 21-22). The session high of $1.2805 represents the resistance level. If it is passed, the pair may follow a correction to $1.2845-65. The most likely range of price movement today may be hidden within the range of $1.2675-1.2805
⦁ Resistance levels are at: $1.2805, $1.2845-65, $1.2965
⦁ Support levels are at: $1.2675, $1.2640, $1.2510
The main scenario for the pair's promotion - breakout of the $1.2675 support (July 23 and September 23 low) and a likely decline to $1.2640 (July 21-22 low)
An alternative scenario - break of the session high of $1.2805 and the pair's likely growth to $1.2845-65 (September 22 high, MA (200) H1)
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