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- GBP / USD is trading near the 11-week high.
GBP / USD is trading near the 11-week high.
Today, the GBP / USD pair is trading in the range of 1.2505-50 - near the 11-week high of 1.2560 reached yesterday. On the hourly chart, GBP / USD remains above the MA (200) H1(1.2405) moving average line and on the four-hour chart above the MA (200) H4 (1.2260). Technically speaking, the resistance level at 1.2560 may keep prices from rising further. In case it is broken, the pair may rise to 1.2590. The lower boundary of 1.2375 represents a strong support level.
⦁ Resistance levels are: 1.2590, 1.2645, 1.2710
⦁ Support levels are: 1.2450, 1.2375, 1.2260
The main scenario for the pair suggests a break of 1.2590 resistance (Sept 6 high) and a possible rise to 1.2645 (Sept 4 high)
The alternative scenario implies a break of support at 1.2450 (Nov 22 low, MA (200) H1) and a decline to 1.2375 (Nov 16-17 low).
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