Technical Analysis
16.10.2020, 04:29

GBP/USD is testing MA 200 H1 support

Yesterday the GBP/USD was trading lower and closed the day in the red around the $1.2900. Today it was trading in a narrow range of $1.2890-05, staying close to yesterday's closing price. On the hourly chart, GBP/USD is testing the strength of the support - the moving average MA (200) H1 ($1.2965). On the four-hour chart, it remains below the MA 200 H4 line. Based on the above, it is probably worth sticking to the northern direction in trading, and while the GBP/USD remains above MA 200 H1, it may be necessary to look for buy entry points to form a correction.

  • Resistances levels are at: $1.2970, $1.3065-80, $1.3155

  • Support levels are at: $1.2845-60, $1.2805-20, $1.2765

Probably, the main scenario - is continued growth to $1.2970 (high of the American session on Oct 15). An alternative scenario - may be consolidation below the MA 200 H1 level with a subsequent decline to $1.2845 (Oct 7 low).

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