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- GBP/USD rose to a more than 2-year high
GBP/USD rose to a more than 2-year high
Today, the GBP/USD pair is mainly growing in the range of 1.3180-1.3250, reaching a more than 2-year high. On the hourly chart, GBP/USD rose above the moving average line MA (200) H1 (1.3040) and on the four-hour chart above MA (200) H4 (1.2910). In this situation, the scenario of further growth of GBP/ USD is likely. Technically speaking, the resistance of 1.3250 is still keeping the pair from further growth. If this level is passed, then GBP/USD may rise to the psychological level of 1.3300. The lower bound of 1.3075 represents a strong support level.
It is also worth noting that the 14-day relative strength index (RSI (14) on D1) is above the 70 level, which signals a possible change in the direction of price movement.
⦁ Resistance levels are: 1.3250, 1.3300, 1.3400
⦁ Support levels are: 1.3180, 1.3075, 1.2940
The main scenario for the pair's promotion assumes a breakout of the session high of 1.3250 and may be an increase to 1.3300 ( March 13’ 2022 high).
An alternative scenario implies a breakout of support at 1.3180 (Aug 26 low, session minimum) and there may be a decrease to 1.3040-75 (Aug 22 low, MA (200) H1)
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