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- GBP/USD is trading lower and testing MA (200) H1
GBP/USD is trading lower and testing MA (200) H1
Today, the GBP/USD pair is trading mostly lower in the range of $1.2805-70, after a sharp increase on Monday from $1.2775 to a weekly high of $1.2930. On the hourly chart, the pair is testing the moving average line MA (200) H1 ($1.2805), but on the four-hour chart, GBP/USD remains below MA (200) H4 ($1.3040). The session low and MA (200) H1 ($1.2805) is still holding the GBP/USD from further decline. If it breaks through, the price may drop to $1.2760. If it breaks through the nearest resistance of $1.2890, the pair may rise to $1.2930. The most likely range of price movement today may be hidden within the range of $1.2805-1.2930.
⦁ Resistance levels are at: $1.2890, $1.2930, $1.3005
⦁ Support levels are at: $1.2805, $1.2760, $1.2675-85
The main scenario for the pair's promotion - breakout of the session low and MA (200) H1 ($1.2805), and the pair's likely decline to $1.2760 (September 11 low, and low of the European session September 28)
An alternative scenario - breakout of the $1.2890 resistance (September 29 high) and the pair's likely growth to $1.1930 (September 28 high)
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