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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 1.2920-60, near a 4-month high. There is an uptrend on the hourly chart, confirmed by the price's location above the MA (200) H1 (1.2895) moving average line. However, in recent hours, the pair has been consolidating near the 1.2950 level after rising, which may indicate a possible correction or accumulation before further movement. The key resistance levels are located at 1.2990 and 1.3010, in case of a breakdown of which we can expect a continuation of the upward movement. The nearest support levels are at 1.2910 and 1.2860, where pullbacks and new purchases are possible. The MACD indicator shows a weakening of the upward momentum, which may indicate a corrective movement. If the price holds above 1.2910, the bullish scenario remains in force, otherwise a deepening correction is possible.
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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