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- GBP/USD remains near 10-week high
GBP/USD remains near 10-week high
Today, the GBP/USD pair is trading in the range of 1.2650-90 after rising yesterday to a new 10-week high of 1.2715. On the hourly chart, the pair remains above the MA (200) lineH1 (1.2635) and above MA (200) H4 (1.2445) on the four-hour chart. Based on the above, it is probably worth sticking to the northern direction in trading and for now the pair remains above the MA 200 H1, which confirms the bullish mood in the market. Technically speaking, the resistance of 1.2715 has kept the GBP/USD from further growth so far. The lower bound of 1.2635 represents a strong support level.
Resistance levels are: 1.2715-30, 1.2790, 1.2810
Support levels are: 1.2635, 1.2605, 1.2550-60
The main scenario for the pair's advance assumes a breakout of the resistance of 1.2715-30 (Dec 17-18 and Feb 26 high) and there may be an increase to 1.2790 (Dec 11 high)
An alternative scenario implies a breakout of the support 1.2635 (Feb 26 low, MA (200) H1) and there may be a decline to 1.2605 (Feb 25 low)
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