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- GBP / USD rose to a 5-month high.
GBP / USD rose to a 5-month high.
Today the GBP / USD pair is trading in the range of 1.2790-1.2830 reaching a 5-month high. On the hourly chart, the pair rose above the moving average line MA (200) H1 (1.2705). On the four-hour chart, GBP / USD remains above the MA (200) H4(1.2585). Technically speaking, the resistance level at 1.2840 may keep prices from rising further. In case it is broken, the pair may rise to 1.2890. The lower boundary of 1.2610 represents a strong support level.
⦁ Resistance levels are: 1.2830-40, 1.2890, 1.2995
⦁ Support levels are: 1.2685-1.2700, 1.2610, 1.2500
The main scenario for the pair suggests a break of resistance at 1.2830-40 (Aug 1 high, session high) and there could be a rise to 1.2890 (July 28 high).
The alternative scenario implies a break of support at 1.2685-1.2700 (Dec 26-27 lows, MA (200) H1) and there could be a decline to 1.2610 (Dec 21 low).
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