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- GBP/USD is trading near a 2-year low
GBP/USD is trading near a 2-year low
Today, the GBP/USD pair is trading in the range of $1.2215-1.2300 after reaching a 2-year low ($1.2155) last week. On the hourly chart, GBP/USD has consolidated below the moving average line MA (200) H1 ($1.2330) and on the four-hour chart remains below MA (200) H4 ($1.2770). Technically speaking, the support of $1.2155 may keep prices from further decline. The upper limit of $1.2405 represents the resistance level.
⦁ Resistance levels are: $1.2300-30, $1.2405, $1.2640
⦁ Support levels are: $1.2155, $1.2080, $1.1975
The main scenario for the pair's promotion — the support breakthrough is $1.2155 (May 13 low) and there may be a decline to $1.2080 (May 20’ 2020 low)
An alternative scenario — breakout of the session high of $1.2300 and MA (200) H1 ($1.2330) and there may be an increase to $1.2405 (May 9 and 11 high)
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