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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 $1.1440-1.1520, having reached a new minimum value since March 2020. On the hourly chart, the pair is trading below the MA (200) H1 moving average line ($1.1680) and on the four-hour chart it has fallen below MA (200) H4 ($1.1965). Technically speaking, the support of $1.1410 can keep prices from further decline. The upper limit of $1.1760 represents the resistance level.
⦁ Resistance levels are: $1.1590, $1.1680-90, $1.1760
⦁ Support levels are: $1.1440, $1.1410, $1.1300
The main scenario implies a breakout of the session minimum of $1.1440, followed by a likely decline to $1.1410 (March 20’ 2020 low)
The alternative scenario assumes a breakout of the resistance of $1.1590 (September 2 high), followed by a likely increase to $1.1680-90 (August 31 high, MA (200) H1)
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