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- GBP/USD is trading near a 4-month low
GBP/USD is trading near a 4-month low
Today, the GBP/USD pair is trading in the range of 1.2650-1.2700 after falling yesterday to a more than 4-month low of 1.2630. On the hourly chart, the pair fell below the moving average MA (200) H1 (1.2845) and on the four-hour chart below MA (200) H4 (1.2990). Technically speaking, the support of 1.2630 has so far kept GBP/USD from further decline. If this level is passed, then GBP/USD may fall to 1.2510. The upper limit of 1.2770 represents a strong resistance level.
⦁ Resistance levels are: 1.2720, 1.2770, 1.2875
⦁ Support levels are: 1.2615-30, 1.2510, 1.2445
The main scenario for the pair's promotion assumes a breakout of support at 1.2615-30 (June 26, July 2 and Nov 14 lows) and there may be a decrease to 1.2510 (May 14 low)
An alternative scenario implies a breakout of the resistance of 1.2720 (Nov 14 high) and there may be an increase to 1.2770 (Nov 13 high)
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