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- GBP/USD remains near a 29-month low
GBP/USD remains near a 29-month low
Today, the GBP/USD pair is trading in the range of $1.1475-1.1540, after falling yesterday to a 29-month low ($1.1405). On the hourly chart, the pair remains below the moving average line MA (200) H1 ($1.1580) and on the four-hour chart it dropped below MA (200) H4 ($1.1920). Technically speaking, the support of $1.1405 may keep prices from further decline. The upper limit of $1.1580-1.1610 represents the resistance level.
⦁ Resistance levels are: $1.1580-1.1610, $1.1690, $1.1760
⦁ Support levels are: $1.1405, $1.1300, $1.1200
The main scenario implies a breakout of the $1.1405 support (March 20’ 2020 low, September 7 low), followed by a likely decline to the psychological level of $1.1300
The alternative scenario assumes a breakout of the resistance of $1.1580-1.1610 (September 6 high, MA (200) H1) followed by a likely increase to $1.1690 (August 31 high)
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