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- GBP/USD dropped to a new 37-year low
GBP/USD dropped to a new 37-year low
Today, the GBP/USD pair is declining from $1.1280 to $1.1020, reaching a new 37-year low. The pair broke through the support of $1.1210, which became the nearest resistance. On the hourly chart, the pair dropped below the moving average line MA (200) H1 ($1.1420) and on the four-hour chart remains below MA (200) H4 ($1.1700). In this situation, the scenario of further decline of the GBP / USD pair is likely. And as long as the pair remains below MA (200) H1, finding a sell position may be a wise decision. Technically speaking, the support of $1.1000 can keep prices from further decline. The upper limit of $1.1365 represents the resistance level.
⦁ Resistance levels are: $1.1210, $1.1365, $1.1460
⦁ Support levels are: $1.1020, $1.1000, $0.9900
The main scenario assumes a breakout of the session minimum of $1.1020 and there may be a decline to the psychological level of $1.1000
The alternative scenario assumes a breakout of the resistance of $1.1210 (September 22 low) followed by a likely increase to $1.1365 (September 22 high)
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