Technical Analysis
26.05.2023, 04:30

The GBP/USD is trading near an 8-week low

Yesterday the GBP/USD traded lower and closed the day in the red zone near the price of $1.2320. Today it was trading in a narrow range of $1.2310-35, staying close to the 8-week low. On the hourly chart, GBP/USD is still trading below the MA (200) H1 moving average line ($1.2430). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the south direction in trading, and while the GBP/USD remains below MA 200 H1, it may be necessary to look for entry points to sell for the formation of a correction.

  • Resistances levels are at: $1.2385, $1.2415, $1.2470-85

  • Support levels are at: $1.2310, $1.2275, $1.2240

Probably, the main scenario is a continued decline towards $1.2310 (May 25 low).

The alternative scenario is a final consolidation above the MA 200 H1 level, followed by a rise to $1.2545 (May 16 low).

Symbol Bid Ask Time

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