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- GBP/USD is trading near a 6.5-month low
GBP/USD is trading near a 6.5-month low
Today, the GBP/USD pair is trading in the range of 1.2550-1.2610 after falling last week on Friday to a 6.5-month low of 1.2485. On the hourly chart, the pair can test the strength of the moving average line MA (200) H1 (1.2625), but on the four-hour chart it remains below MA (200) H4 (1.2880). Technically speaking, the support of 1.2485 has so far kept GBP/USD from further decline. If this level is passed, then GBP/USD may fall to 1.2445. The upper limit of 1.2720 represents a strong resistance level.
⦁ Resistance levels are: 1.2615-25, 1.2720, 1.2770
⦁ Support levels are: 1.2485, 1.2445, 1.2420
The main scenario for the pair's promotion assumes a breakout of support at 1.2485 (Nov 22 low) and may be a decline to 1.2445 (May 9 low)
An alternative scenario implies a breakout of the resistance of 1.2615-25 (Nov 25 high, MA (200) H1) and there may be an increase to 1.2720 (Nov 14 and 20 high)
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