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- GBP/USD is trading near a weekly high
GBP/USD is trading near a weekly high
Today, the GBP/USD pair is mainly growing in the range of 1.2500-80, having pushed off from the MA (200) H1 moving average line and is trading near a weekly high. On the four-hour chart, the pair remains below MA (200) H4 (1.2620). Based on the above, it is probably worth sticking to the southern direction in trading and until the pair gains a foothold above the MA 200 H1, it is necessary to look for entry points to sell at the end of the correction. Technically speaking, the resistance of 1.2615 may keep the GBP/USD from rising further. If this level is passed, the pair may rise to 1.2670. The lower limit of 1.2350 represents a strong support level.
Resistance levels are: 1.2580, 1.2610-15, 1.2670
Support levels are: 1.2500, 1.2405, 1.2350
The main scenario for the pair's advance involves a breakout of the session low of 1.2500 (Dec 26-31 low), a decline to 1.2405 (Jan 6 low) and then maybe to 1.2350 (Jan 2 low)
An alternative scenario implies a breakout of the session high of 1.2580 and there may be an increase to 1.2610-15 (Dec 20 and 30 highs)
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