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- GBP / USD is trading slightly below the seven-week high
GBP / USD is trading slightly below the seven-week high
Today, the GBP / USD pair is trading in the range of $1.3050-1.3110-slightly below the seven-week high of $1.3175 reached on Wednesday. On the hourly chart, the pair is trading above the MA (200) H1 moving average line ($1.2995). The situation is similar on the four-hour chart. A session low of $1.3050 may keep GBP / USD from falling. If this level is broken, the pair may fall to MA (200) H1 ($1.2995). On the other hand, a break of the session high of $1.3110 may push the pair to rise to $1.3175. However, despite the slight weakening of the GBP / USD, looking for an exit to buy may be a wise decision for those who want to take advantage of the stronger British pound.
⦁ Resistance levels are at: $1.3110, $1.3175, $1.3320
⦁ Support levels are at: $1.3050, $1.2995, $1.2910
The main scenario for the pair's promotion - breakout of the session high of $1.3110 (October 21 high), and the pair may rise to $1.3175 (October 21 high)
An alternative scenario - if the session low of $1.3050 breaks, the pair is likely to decline to MA (200) H1 ($1.2995)
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