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- GBP/USD rose to a new 2-week high
GBP/USD rose to a new 2-week high
Yesterday, the GBP/USD pair mostly grew in the range of 1.2295-1.2375 and closed the session near the price of 1.2350. Today, GBP/USD started trading with an increase from the closing level of yesterday's session of 1.2350 to a new 2-week high of 1.2405. On the hourly chart, GBP/USD rose above the MA (200) H1 (1.2260) moving average line, but remains below MA (200) H4 (1.2480) on the four-hour chart. Based on the above, it is probably worth continuing to stick to the southern direction in trading and as long as the pair remains below the MA 200 H4, it is necessary to look for entry points to sell at the end of the correction.
Resistance levels are at: 1.2405, 1.2500, 1.2575
Support levels are at: 1.2350, 1.2295, 1.2230
The main scenario for the pair's advance still suggests a breakout of the session low of 1.2350 and there may be a decline to 1.2295 (Jan 23 low)
An alternative scenario implies a breakout of the session high of 1.2405 and there may be an increase to 1.2500 (Jan 8 high)
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