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- GBP/USD is declining, but remains above MA (200) H1
GBP/USD is declining, but remains above MA (200) H1
Today, the GBP/USD pair is mainly declining from $1.2805 to $1.2690 after rising last week to a 14-month high of $1.2850. On the hourly chart, the pair remains above the MA (200) H1 moving average line ($1.2680). The situation is similar on the four-hour chart. Technically speaking, the resistance of $1.2850 may keep prices from rising further. The lower bound of $1.2630 represents the support level.
⦁ Resistance levels are: $1.2810, $1.2850, $1.2970
⦁ Support levels are: $1.2680, $1.2600-30, $1.2485
The main scenario of the pair's promotion implies a breakout of the resistance of $1.2810 (June 20 high) and there may be an increase to $1.2850 (June 16 high).
An alternative scenario assumes a breakout of MA (200) H1 ($1.2680) and may be a decline to $1.2600-30 (June 14-15 lows).
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