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- GBP/USD remains in an uptrend
GBP/USD remains in an uptrend
Today, the GBP/USD pair is trading in the range of 1.2955-1.3000, having reached a new 4-month high of 1.3010 yesterday. There is a steady uptrend on the hourly chart, confirmed by the price's location above the MA (200) H1 moving average line (1.2845). At the moment, the price is trading near the 1.2975 level after a local correction from the recent high of 1.3010. The key support is located at 1.2950, the breakdown of which may strengthen the downward movement to 1.2910 and further to 1.2860. The MACD indicator shows a decrease in the upward momentum, which may signal a possible deepening of the correction. In case of a return to growth and a breakdown of the 1.3010 resistance, further upward movement can be expected. In general, the pair maintains an upward trend, but the current weakening of the momentum requires confirmation of the further direction.
Resistance levels are: 1.3010, 1.3050, 1.3080
Support levels are: 1.2950, 1.2910, 1.2860
The main scenario for the pair's advance assumes a breakout of the resistance of 1.3010 (Nov 7 and March 18 high) and there may be an increase to 1.3050 (Nov 5 high)
An alternative scenario implies a breakout of the support 1.2950 (March 18 low) and a possible decline to 1.2910 (March 14 low)
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