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- GBP / USD is trading near a 10-day low
GBP / USD is trading near a 10-day low
Today, the GBP / USD pair is trading in the range of 1.2720-50 - near the 10-day low. On the hourly chart, the pair remains slightly below the MA (200) H1(1.2780) moving average line, but on the four-hour chart it is trading above the MA (200) H4 (1.2670). Technically speaking, the support level of 1.2720 may keep prices from declining. In case of its breakdown, the pair may drop to 1.2670. The upper boundary of 1.2825 represents a strong resistance level.
⦁ Resistance levels are: 1.2780, 1.2825, 1.2895
⦁ Support levels are: 1.2720, 1.2670, 1.2600
The main scenario for the pair suggests a break of the resistance MA (200) H1 (1.2780) and a possible rise to 1.2825 (March 12 and 14 highs)
The alternative scenario implies a break of the support at 1.2720 (March 7 and 15 low, session low) and a decline to 1.2670 (March 5 low).
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