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- The GBP/USD pair dropped to a more than 2-year low
The GBP/USD pair dropped to a more than 2-year low
On Friday, the GBP/USD pair declined from 1.2320 to 1.2195, and today it continued to decline and dropped to a more than 2-year low of 1.2130. On the hourly chart, GBP/USD has fallen below the MA (200) H1 (1.2415) moving average line and remains below MA (200) H4 (1.2590) 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: 1.2195, 1.2320, 1.2415
Support levels are at: 1.2095, 1.2070, 1.2040
The main scenario for the pair's advance suggests a decline to 1.2095 (Oct 31’ 2023 low) and then maybe to 1.2070 (Oct 26’ 2023 low)
An alternative scenario implies an increase to the session high of 1.2320
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