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- GBP/USD is trading near a 6-week low
GBP/USD is trading near a 6-week low
Today, the GBP/USD pair is mainly declining from 1.2720 to 1.2680 and is trading slightly above the 6-week low of 1.2645. On the hourly chart, the pair tests the moving average line MA (200) H1 (1.2720) and on the four-hour chart MA (200) H4 (1.2680). Technically speaking, the support of 1.2645 may keep the pair from further decline. If this level is passed, then GBP/USD may fall to 1.2500. The upper limit of 1.2725 represents a strong resistance level, after passing which the pair can rise to 1.2860.
⦁ Resistance levels are: 1.2725-40, 1.2815, 1.2860
⦁ Support levels are: 1.2645-55, 1.2500, 1.2445
The main scenario for the pair's promotion assumes a breakout of support at 1.2645-55 (May 16-17, June 14-17 lows) and there may be a decrease to 1.2500 (May 10 low).
An alternative scenario implies a breakout of the resistance of 1.2725-40 (June 19 high, MA (200) H1) and an increase to 1.2815 (June 4 and 7 high), and then maybe to 1.2860 (June 12 high)
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