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- GBP/USD is trading near the lows of March 2020
GBP/USD is trading near the lows of March 2020
Today, the GBP/USD pair is trading in the range of $1.1690-1.1760 after falling yesterday to the lowest value since March 2020 of $1.1650. On the hourly chart, the pair remains below the moving average line MA (200) H1 ($1.1815) and on the four-hour chart it dropped below MA (200) H4 ($1.2005). Technically speaking, the support of $1.1640-50 may keep prices from further decline. The upper limit of $1.1900 represents the resistance level.
⦁ Resistance levels are: $1.1815, $1.1900, $1.2080
⦁ Support levels are: $1.1640-50, $1.1450, $1.1410
The main scenario implies a breakout of the support of $1.1640-50 (March 25’ 2020 low, August 29 low), followed by a likely decline to $1.1410 (March 20’ 2020 low)
An alternative scenario assumes the pair's growth to $1.1900 (August 26 high)
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