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- GBP/USD shows an attempt to recover from the recent decline
GBP/USD shows an attempt to recover from the recent decline
Today, the GBP/USD pair is mainly growing in the range of 1.2900-60 and shows an attempt to recover from the recent decline on the hourly chart. The price is trading near the MA (200) H1 moving average line (1.2960), which indicates a possible transition to consolidation. The nearest resistance is at 1.2975, while support is at 1.2890. If the price fixes above 1.2975, an increase to 1.3015 is possible, but if the resistance cannot be overcome, a return to support is likely. The MACD indicator shows a gradual decrease in the downward momentum, which may signal a possible reversal or at least a temporary upward correction.
Resistance levels are: 1.2975, 1.3015, 1.3050
Support levels are: 1.2890, 1.2860, 1.2770
The main scenario for the pair's advance suggests a breakout of the resistance of 1.2975 (March 24 high) and there may be an increase of 1.3015 (March 20 high)
An alternative scenario implies a breakout of the support 1.2890 (March 21 low) and there may be a decline to 1.2860 (March 10 low)
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