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- GBP/USD rose to a weekly high
GBP/USD rose to a weekly high
Today, the GBP/USD pair is mainly growing from $1.1600 to a weekly high of $1.1700, further retreating from the 29-month low ($1.1405) reached last week. On the hourly chart, the pair rose above the moving average line MA (200) H1 ($1.1550), but on the four-hour chart it remains below MA (200) H4 ($1.1900). Technically speaking, the resistance of $1.1760 may keep prices from rising further. The lower bound of $1.1405 represents the support level.
⦁ Resistance levels are: $1.1700, $1.1760, $1.1900-20
⦁ Support levels are: $1.1550, $1.1460, $1.1405
The main scenario assumes a correction and a possible decline to $1.1405 (March 20’ 2020 low, September 7 low)
An alternative scenario assumes a breakout of the session maximum of $1.1700 followed by a likely increase to $1.1760 (August 30 high)
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