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- GBP/USD is trading near a weekly low
GBP/USD is trading near a weekly low
Today, the GBP/ USD pair is trading in the range of 1.2685-1.2730, having reached a weekly low since the beginning of trading. The pair broke through the 1.2740 support, which became the nearest resistance. On the hourly chart, GBP/USD fell slightly below the moving average line MA (200) H1 (1.2755), but on the four-hour chart it remains above MA (200) H4 (1.2635). The nearest strong support is at 1.2675. If this level is passed, then GBP/USD may fall to 1.2645. The upper limit of 1.2820 represents a strong resistance level.
⦁ Resistance levels are: 1.2740-55, 1.2820, 1.2890
⦁ Support levels are: 1.2675-85 1.2645, 1.2500
The main scenario for the pair's promotion assumes an increase of 1.2740-55 (June 4 low, MA (200) H1) and there may be an increase to 1.2820 (June 4 and 7 high)
An alternative scenario implies a breakout of support at 1.2675-95 (May 24 and 30 lows, session low) and there may be a decrease to 1.2645 (May 16-17 low)
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