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- GBP/USD is trading near a monthly high
GBP/USD is trading near a monthly high
Today, the GBP/USD pair is trading in the range of 1.3010-45 - near the new monthly high of 1.3050 reached yesterday. On the hourly chart, GBP/USD rose above the moving average line MA (200) H1 (1.2875) and on the four-hour chart above MA (200) H4 (1.2860). In this situation, the scenario of further growth of GBP/ USD is likely. Technically speaking, the resistance of 1.3050 may keep the pair from further growth. If this level is passed, then GBP/USD may rise to 1.3145. The lower bound of 1.2800 represents a strong support level.
⦁ Resistance levels are: 1.3050, 1.3145, 1.3200
⦁ Support levels are: 1.2940, 1.2875, 1.2800
The main scenario for the pair's promotion assumes a breakout of resistance at 1.3050 (Aug 20 high) and may be an increase to 1.3145 (July 13-14’ 2023 high).
An alternative scenario implies a breakout of support at 1.2940 (Aug 19 high) and MA (200) H1 (1.2875), there may be a decrease to 1.2800 (Aug 15 low)
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