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- GBP/USD retreated from a 10-week high
GBP/USD retreated from a 10-week high
Today, the GBP/USD pair is trading in the range of 1.2770-1.2800 after rising yesterday to a 10-week high of 1.2860. On the hourly chart, the pair remains above the moving average line MA (200) H1 (1.2765) and on the four-hour chart above MA (200) H4 (1.2665). Technically speaking, the support of 1.2705 may keep the pair from further decline. If this level is passed, then GBP/USD may fall to 1.2675. The upper limit of 1.2860 represents a strong resistance level.
⦁ Resistance levels are: 1.2815, 1.2860, 1.2895
⦁ Support levels are: 1.2765, 1.2705, 1.2675-85
The main scenario for the pair's promotion assumes a breakout of the resistance of 1.2815 (June 4 and 6 high) and there may be an increase to 1.2860 (June 12 high)
An alternative scenario implies a breakout of MA (200) H1 (1.2765) and support of 1.2705 (June 11 low) and there may be a decrease to 1.2675-85 (May 24 and 30, June 10 lows).
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