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- The GBP/USD is trading near the highs of July 2023
The GBP/USD is trading near the highs of July 2023
Yesterday, the GBP/USD traded higher and closed the day in the positive territory around the price of 1.2910. Today it traded in a narrow 1.2900-20 range, remaining close to the July 2023 highs. On the hourly chart, GBP/USD is still trading above the moving average line MA (200) H1 (1.2775). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the northern direction in trading and while the pair remains above the MA 200 H1, may be need to look for entry points to buy when a correction is formed.
- Resistances levels are at: 1.2950, 1.2995, 1.3050
- Support levels are at: 1.2855-65, 1.2805, 1.2765-75
Probably, the main scenario is continued growth to 1.2950 (Jul 11 high).
The alternative scenario is final consolidation below the MA 200 H1 level, followed by a decline to 1.2680 (Jul 3 low).
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