Technical Analysis
15.10.2020, 11:24

GBP/USD dropped below MA (200) H1

Today, the GBP/USD pair is trading with a decrease (from $1.3030 to $1.2920), losing most of the positions gained yesterday. Yesterday, the pair rose sharply from $1.2860 to $1.3065. On the hourly chart, GBP/USD fell below the MA (200) H1 moving average line ($1.2970). The situation is similar on the four-hour chart. The $1.2890 support may keep the GBP/USD from falling further. If it breaks through, the price may drop to $1.2845-60. On the other hand, the pair may still rise to $1.3005 after the correction ends. The most likely range of price movement today may be hidden within the range of $1.2890 -1.3005


Resistance levels are at: $1.3005, $1.3065-80, $1.3170

Support levels are at: $1.2890, $1.2845-60, $1.2805


The main scenario for the pair's promotion - correction, breakout of the $1.3005 resistance (October 6 high, October 12 low) and the pair may rise to $1.3065-80 (October 12-13 highs)

An alternative scenario - breakout of the $1.2890 support (October 8 low) and the pair's likely decline to $1.2845-60 (October 7 and 14 lows)



Quotes
Symbol Bid Ask Time
AUDUSD
EURUSD
GBPUSD
NZDUSD
USDCAD
USDCHF
USDJPY
XAGEUR
XAGUSD
XAUUSD

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