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- GBP/USD is trading near a 4-month high
GBP/USD is trading near a 4-month high
Today, the GBP/USD pair is trading in the range of 1.2925-75, near a 4-month high. There is a steady upward trend on the hourly chart of the currency pair, confirmed by the price movement above the MA (200) H1 moving average line. However, after reaching a local maximum around 1.9090, consolidation is observed, which may indicate a weakening of momentum or preparation for correction. The MACD indicator shows a decrease in the histogram, which signals a possible fading of the bullish movement. In case of a breakdown of the resistance of 1.2990 and consolidation above this level, an increase to 1.3010 is possible. However, if the price goes below 1.2910, a corrective movement towards 1.2860 is likely to develop. Overall, the trend remains upward, but the current slowdown may lead to short-term consolidation or decline.
Resistance levels are: 1.2990, 1.3010, 1.3050
Support levels are: 1.2910, 1.2860, 1.2820
The main scenario for the pair's advance assumes a breakout of the resistance at 1.2990 (March 12 high) and there may be an increase to 1.3010 (Nov 7 high)
An alternative scenario implies a breakout of support at 1.2910 (March 12 low) and a possible decline to 1.2860 (March 10 low)
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