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- GBP / USD remains below the MA (200) H1.
GBP / USD remains below the MA (200) H1.
The GBP / USD pair is trading in the 1.2135-80 range today, after declining on Friday to a weekly low of 1.2120. On the hourly chart, the pair remains slightly below the MA (200) H1(1.2210) moving average line and on the four-hour chart below the MA (200) H4 (1.2345). Technically speaking, the support level at 1.2110 may keep prices from further declines. In case of its breakdown, the pair may drop to 1.2035. The upper boundary of 1.2335 represents a strong resistance level.
⦁ Resistance levels are: 1.2210-25, 1.2270, 1.2335
⦁ Support levels are: 1.2105-20, 1.2010-35, 1.1900
The main scenario for the pair suggests a break of support at 1.2105-20 (Oct 5-6 and 13 lows) and may be down to 1.2010-35 (March 15-16 and Oct 4 lows).
The alternative scenario implies a break of resistance at 1.2210-25 (Oct 13 high, MA (200) H1) and 1.2270 (Sept 29 high) and there could be a rise to 1.2335 (Oct 11 high).
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