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- GBP / USD is trading near a 2-week low.
GBP / USD is trading near a 2-week low.
Today, the GBP / USD pair is mostly declining from 1.2735 to 1.2690, staying within yesterday's range. Yesterday, the pair fell to a 2-week low of 1.2670. On the hourly chart, GBP / USD fell below the MA (200) H1(1.2770) moving average line and is testing the MA (200) H4 (1.2670) on the four-hour chart. Technically speaking, the support level of 1.2670 may keep prices from further decline. In case of its breakdown, the pair may fall to 1.2600. The upper boundary of 1.2760 represents a strong resistance level.
⦁ Resistance levels are: 1.2735, 1.2760-70, 1.2825
⦁ Support levels are: 1.2670, 1.2600, 1.2535
The main scenario for the pair suggests a break of the support at 1.2670 (March 5 and 17 low) and maybe a decline to 1.2600 (March 1 low)
The alternative scenario implies a rise to 1.2735 (March 19 high, session high) and then, maybe, to 1.2760-70 (March 15 high, MA (200) H1).
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