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- GBP/USD remains in an uptrend
GBP/USD remains in an uptrend
Today, the GBP/USD pair is mainly growing in the range of 1.2925-80, remaining near the 4-month high. There is an uptrend on the hourly chart. The price is steadily moving above the MA (200) H1 moving average line (1.2915), which confirms the bullish market sentiment. After the correction in the area of 1.2910, the pair is gaining strength again and is approaching the resistance of 1.3010.
The MACD indicator shows an increase in the histogram, which indicates a resumption of the upward momentum. In the event of a breakdown of the 1.3010 level, further strengthening of the pound can be expected. However, if the price fails to overcome this resistance, a pullback to the nearest support of 1.2910 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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