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- GBP/USD is trading near a monthly high
GBP/USD is trading near a monthly high
Today, the GBP/USD pair is trading in the range of $1.2140-90 after rising yesterday to a monthly high of $1.2200. On the hourly chart, the pair was fixed above the moving average line MA (200) H1 ($1.1985) and on the four-hour chart above MA (200) H4 ($1.2090). Technically speaking, a strong resistance level of $1.2200 can keep prices from rising further. The lower bound of $1.2045 represents the support level.
⦁ Resistance levels are: $1.2200, $1.2270, $1.2400
⦁ Support levels are: $1.2140, $1.2045, $1.1985
The main scenario of the pair's promotion assumes a breakthrough of yesterday's maximum of $1.2200 and there may be an increase to $1.2270 (February 14 high).
An alternative scenario implies a breakout of the session minimum of $1.2140 and there may be a decline to $1.2045 (March 13 low).
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