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- GBP/USD has dropped to the minimum of November 2023
GBP/USD has dropped to the minimum of November 2023
Today, the GBP/USD pair is declining from 1.2215 to 1.2100, reaching its lowest value since November 2023. The pair broke through the 1.2190 support (minimum on January 10), which became the nearest resistance. GBP/USD dropped below the MA (200) H1 (1.2400) moving average line and below MA (200) H4 (1.2585) 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. Technically speaking, the 1.2095 support may keep the GBP/USD from falling further. If this level is passed, the pair may fall to 1.2070. The upper limit of 1.2320 represents a strong resistance level.
However, it is worth noting that the 14-day relative strength index (RSI (14) on D1) has dropped below the level of 30, which signals a possible change in the direction of price movement.
Resistance levels are: 1.2190, 1.2320, 1.2400
Support levels are: 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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