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- GBP/USD dropped sharply to the lows of September 2020
GBP/USD dropped sharply to the lows of September 2020
Today, the GBP/USD pair has sharply declined from $1.2840 to $1.2705, reaching the lows of September 2020. The pair broke through the support of $1.2825, which became the nearest resistance. On the hourly chart, the pair was fixed below the moving average line MA (200) H1 ($1.3015) and on the four-hour chart - below MA (200) H4 ($1.3090). In this situation, a scenario of further decline of the GBP/USD pair is likely and finding a sell position may be a wise decision.
It is worth noting that the 14-day relative strength index (RSI (14) on D1) has fallen below the level of 30, which signals a possible change in the direction of price movement.
⦁ Resistance levels are: $1.2825, $1.2970, $1.3015-35
⦁ Support levels are: $1.2705, $1.2675, $1.2640
The main scenario for the pair's promotion — breakout of the session low of $1.2705 and there may be a decline to $1.2675 (September 23’ 2020 low)
An alternative scenario — it is still possible for the pair to grow to $1.3015-35 (April 22 high, MA (200) H1)
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