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- The GBP/USD pair is trading near a 9-month low
The GBP/USD pair is trading near a 9-month low
Yesterday, the GBP/USD pair declined from 1.2500 to 1.2320, almost reaching a 9-month low, but closed the session with a slight increase near the price of 1.2365. Today, the pair started trading lower, dropping to the level of 1.2330. On the hourly chart, GBP/USD has again fallen below the MA (200) H1 (1.2485) moving average line and remains below MA (200) H4 (1.2605) on the four-hour chart. Based on the above, it is probably worth following the southern direction in trading and as long as the pair remains below the MA 200 H1, it is necessary to look for entry points to sell.
Resistance levels are at: 1.2380, 1.2500, 1.2575
Support levels are at: 1.2320, 1.2300, 1.2260
The main scenario for the pair's advance suggests a breakout of the support 1.2320 (Jan 8 low) and a possible decline to 1.2300 (April 22’ 2024 low)
An alternative scenario implies a breakout of the resistance of 1.2380 (high of the American session on Jan 8) and there may be an increase to 1.2500 (Jan 8 high)
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