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- GBP/USD is trading near a 5-week low
GBP/USD is trading near a 5-week low
Today, the GBP/USD pair is trading in the range of 1.2610-60, while remaining near a 5-week low. On the hourly chart, the pair is testing the MA (200) H1 moving average line (1.2670) and on the four-hour chart it is trading below MA (200) H4 (1.2710). Technically speaking, the support of 1.2610 has so far kept the pair from further decline. If this level is passed, then GBP/USD may fall to 1.2580. The upper limit of 1.2740 represents a strong resistance level.
⦁ Resistance levels are: 1.2670, 1.2705, 1.2740
⦁ Support levels are: 1.2610, 1.2580, 1.2500
The main scenario for the pair's promotion assumes a breakout of support at 1.2610 (June 27 low) and may be a decline to 1.2580 (May 15 low)
An alternative scenario implies a breakout of the resistance of 1.2670 (June 27 high) and there may be an increase to 1.2705 (June 26 high)
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