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- GBP / USD is trading near the 6-month low.
GBP / USD is trading near the 6-month low.
Today, the GBP / USD pair is trading in the range of 1.2150-1.2220, but remains slightly above the 6-month low of 1.2110 reached last week. On the hourly chart, the pair is trading slightly below the MA (200) H1(1.2230) moving average line. On the four-hour chart, GBP / USD remains below the MA (200) H4 (1.2495). Technically speaking, the support level of 1.2110 may keep prices from further declines. In case of its breakdown, the pair may fall to 1.2220. The upper boundary of 1.2270 represents a strong resistance level. The most probable range of price movement today may be hidden within the range of 1.2110-1.2270.
⦁ Resistance levels are: 1.2220, 1.2270, 1.2335
⦁ Support levels are: 1.2110, 1.2010, 1.1900
The main scenario for the pair suggests a break of the support at 1.2110 (Sept 27 low) and a possible decline to 1.2010 (March 15 low).
The alternative scenario implies a break of the session high of 1.2220 and may be a rise to 1.2270 (Sept 29 high).
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