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- GBP/USD remains near the lows of July 2020
GBP/USD remains near the lows of July 2020
Today, the GBP/USD pair is trading in the range of $1.2540-95 after falling last week to the lowest value since July 2020 ($1.2410). On the hourly chart, the pair was fixed below the moving average line MA (200) H1 ($1.2735) and on the four-hour chart - below MA (200) H4 ($1.3010). Technically speaking, the support of $1.2410 can keep prices from further decline. The upper limit of $1.2770 represents the resistance level.
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: $1.2615, $1.2735-70, $1.2975
⦁ Support levels are: $1.2410, $1.2355, $1.2255
The main scenario for the pair's promotion — the support breakthrough is $1.2410 (April 28 low) and there may be a decline to $1.2355 (July 1’ 2020 low)
An alternative scenario — the resistance breakout is $1.2615 (April 29 high), and there may be an increase to $1.2735-70 (April 26 high, МА (200) Н1)
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