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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 in the range of $1.1530-80, having reached a new minimum value since March 2020 yesterday ($1.1500). On the hourly chart, the pair is trading below the MA (200) H1 moving average line ($1.1715) and on the four-hour chart it has fallen below MA (200) H4 ($1.1980). Technically speaking, the support of $1.1500 can keep prices from further decline. The upper limit of $1.1760 represents the resistance level.
⦁ Resistance levels are: $1.1695-1.1715, $1.1760, $1.1900
⦁ Support levels are: $1.1500, $1.1450, $1.1410
The main scenario implies a breakout of the support of $1.1500 (September 1 low), followed by a likely decline to $1.1450 (March 23’ 2020 low)
The alternative scenario assumes a breakout of the resistance of $1.1695-1.1715 (August 31 high, MA (200) H1) followed by a likely increase to $1.1760 (August 30 high)
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