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- GBP/USD dropped to a 5-month low
GBP/USD dropped to a 5-month low
Today, the GBP/USD pair is mainly declining from 1.2560 to 1.2460, reaching an almost 5-month low. The pair broke through the 1.2510 support, which became the nearest resistance. On the hourly chart, the pair fell below the moving average line MA (200) H1 (1.2610) and on the four-hour chart below MA (200) H4 (1.2675). Technically speaking, the support level of 1.2450 can keep prices from further decline. If it breaks through, the pair may fall to 1.2375. The upper limit of 1.2580 represents a strong resistance level.
⦁ Resistance levels are: 1.2510, 1.2580, 1.2710
⦁ Support levels are: 1.2450, 1.2375, 1.2260
The main scenario for the pair's promotion assumes a breakout of support at 1.2450 (Nov 22 low) and may be a decline to 1.2375 (Nov 16-17 low)
An alternative scenario implies a breakout of the resistance at 1.2510 (April 11 low) and there may be an increase to 1.2580 (April 11 high)
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