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- GBP/USD is trading near a 5-week high
GBP/USD is trading near a 5-week high
Today, the GBP / USD pair is trading in the range of 1.2645-70, having reached a 5-week high of 1.2700 since the beginning of yesterday's trading. The pair broke through the 1.2635 resistance this week, which became the closest support. On the hourly chart, GBP/USD remains above the moving average line MA (200) H1 (1.2565) and on the four-hour chart above MA (200) H4 (1.2530). Technically speaking, the support level of 1.2635 can keep prices from further decline. If it breaks through, the pair may drop to 1.2500. The upper limit of 1.2710 represents a strong resistance level.
⦁ Resistance levels are: 1.2700-10, 1.2760, 1.2805
⦁ Support levels are: 1.2635, 1.2565, 1.2500
The main scenario for the pair's promotion assumes a breakout of the resistance of 1.2700-10 (April 9-10 and May 16 highs) and there may be an increase to 1.2760 (March 15 high).
An alternative scenario implies a breakout of support at 1.2635 (May 3 high) and MA (200) H1 (1.2565) and there may be a decrease to 1.2500 (May 10 low).
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