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- GBP / USD is trading slightly below the MA (200) H1.
GBP / USD is trading slightly below the MA (200) H1.
Today the GBP / USD pair is trading in the range of 1.2110-45 after declining yesterday to the 3-week low of 1.2070. On the hourly chart, the pair fell slightly below the MA (200) H1 moving average line (1.2155). On the four-hour chart, the situation is similar. Technically speaking, the support level of 1.2070 may keep prices from further decline. In case of its breakdown, the pair may fall to 1.2035. The upper boundary of 1.2180 represents a strong resistance level.
⦁ Resistance levels are: 1.2160-75, 1.2225, 1.2290
⦁ Support levels are: 1.2035, 1.2010, 1.1905
The main scenario for the pair suggests a break of support at 1.2070 (Oct 26 low) and could be down to 1.2035 (Oct 4 low).
The alternative scenario implies a break of the MA (200) H1(1.215) and resistance at 1.2180 (Oct 25 high) and there could be a rise to 1.2225 (Oct 13 high).
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