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- GBP /USD is declining and testing MA (200) H1
GBP /USD is declining and testing MA (200) H1
Today, the GBP/ USD pair is mainly declining in the range of 1.2900-50, further retreating from the annual maximum of 1.3050, the maximum reached. On the hourly chart, GBP/USD is testing the MA (200) H1 (1.2925) moving average line, but on the four-hour chart it remains above MA (200) H4 (1.2780). Technically speaking, the support of 1.2900 may keep the pair from further decline. If this level is passed, then GBP/USD may simplify to 1.2780. The upper limit of 1.3050 represents a strong resistance level.
⦁ Resistance levels are: 1.3000, 1.3050, 1.3140
⦁ Support levels are: 1.2900, 1.2780, 1.2680
The main scenario for the pair's promotion assumes an increase to 1.3000 (July 15 high) and then maybe to 1.3050 (July 19’ 2023 high and July 17 high)
An alternative scenario implies a breakout of the support 12900 (July 12 low, session minimum) and there may be a decrease to 1.2780 (July 9 low)
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