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- GBP / USD is testing the MA (200) H1.
GBP / USD is testing the MA (200) H1.
The GBP / USD pair is trading in the 1.2650-1.2700 range today, after dropping this week to a 2-week low of 1.2610. On the hourly chart, the pair is testing the MA (200) H1(1.2705) moving average line, but on the four-hour chart, it has risen slightly above the MA (200) H4 (1.2610). Technically speaking, the support level of 1.2610 may keep prices from further declines. In case of its breakdown, the pair may fall to 1.2500. The upper boundary of 1.2770 represents a strong resistance level.
⦁ Resistance levels are: 1.2705-30, 1.2770, 1.2830-40
⦁ Support levels are: 1.2610, 1.2500, 1.2450
The main scenario of the pair's advance assumes a break of the resistance 1.2705-30 (Jan 4 high, MA (200) H1) and there may be a rise to 1.2770 (Dec 29 high)
The alternative scenario implies a break of the support at 1.2610 (Dec 14, 21 and Jan 2-3 low) and a decline to 1.2500 (Dec 8 and 13 low).
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