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- GBP/USD remains below MA (200) H1
GBP/USD remains below MA (200) H1
Today, the GBP/USD pair is mainly growing from 1.2870 to 1.2940, although there is a moderate downward trend on the hourly chart, as the price is trading below the MA (200) H1 moving average line (1.2950), which acts as a dynamic resistance in the area. After the recent decline, the pair is trying to recover, but to continue its growth, it needs a firm consolidation above 1.2950, which will open the way to 1.2975 and 1.3015. In the case of a downward rebound, the nearest support is located at 1.2870, and its breakdown will increase the selling pressure, which may lead to a decline to the area of 1.2770. The MACD indicator shows a slight increase in the histogram in the positive zone, indicating a possible continuation of the upward correction movement, but the overall pressure remains bearish.
Resistance levels are: 1.2950-75, 1.3015, 1.3050
Support levels are: 1.2860-70, 1.2770, 1.2680
The main scenario for the pair's advance assumes a breakout of the area 1.2950-75 (March 24-25 highs, MA (200) H1) and there may be an increase of 1.3015 (March 20 high)
An alternative scenario implies a breakout of the support 1.2860-70 (March 10 and 26 lows, session low) and there may be a decline to 1.2770 (March 5 low)
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