Technical Analysis
16.10.2020, 11:41

GBP/USD remains below MA (200) H1

Today, the GBP/USD pair is trading in a wide range of $1.2860-1.2960, and it failed to break through the resistance of the MA (200) H1 ($1.2960). The situation is similar on the four-hour chart. If this level is broken, GBP/USD may rise to $1.3005. On the other hand, the pair may still fall below the session low of $1.2860 after the correction ends. The most likely range of price movement to date may be hidden within the range of $1.2860 -1.2960.

Resistance levels are at: $1.2960, $1.3005, $1.3065-80

Support levels are at: $1.2845-60, $1.2805, $1.2745

The main scenario for the pair's promotion - breakout of the session high of $1.2960 and probable growth to $1.3005 (October 6 high, October 12 low)

An alternative scenario - breakout of the $1.2845-60 area (lows on October 7 and 14, session low) and the pair's likely decline to $1.2805 (September 30 low)

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