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- GBP/USD dropped to a 2-year low
GBP/USD dropped to a 2-year low
Today, the GBP/USD pair is trading mainly with a decline from $1.2255 to $1.2160, reaching a 2-year low. The pair broke through the support of $1.2260, which became the nearest resistance. On the hourly chart, GBP/USD has consolidated below the moving average line MA (200) H1 ($1.2405) and on the four-hour chart remains below MA (200) H4 ($1.2820). Technically speaking, the support of $1.2160 can keep prices from further decline. The upper limit of $1.2405 represents the resistance level.
It is worth noting that the 14-day relative strength index (RSI (14) on D1) is below the level of 30, which signals a possible change in the direction of price movement.
⦁ Resistance levels are: $1.2260, $1.2405, $1.2640
⦁ Support levels are: $1.2160, $1.2080, $1.1975
The main scenario for the pair's promotion — support breakthrough of $1.2160 (May 22-25’ 2020 low, session minimum) and there may be a decline to $1.2080 (May 18’ 2020 low)
An alternative scenario — the resistance breakout is $1.2260 (May 9 low) and there may be an increase to $1.2405 (May 9 and 11 high, MA (200) H1)
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