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- GBP/USD rose to a new 2-week high
GBP/USD rose to a new 2-week high
Today, the GBP/USD pair is mainly growing from 1.2350 to 1.2450, reaching a new 2-week high. On the hourly chart, the pair rose above the MA (200) H1 (1.2270) moving average line, but on the four-hour chart it remains slightly below MA (200) H4 (1.2475). Based on the above, it is probably worth starting to stick to the northern direction in trading and while the pair has risen above the MA 200 H1, it is necessary to look for entry points to buy. Technically speaking, the resistance of 1.2450 has kept the GBP/USD from further growth so far. If this level is passed, the pair may rise to 1.2495. The lower bound of 1.2230 represents a strong support level.
Resistance levels are: 1.2450, 1.2495, 1.2580
Support levels are: 1.2350, 1.2295, 1.2230
The main scenario for the pair's advance suggests a breakout of the session high of 1.2450 and there may be an increase to 1.2495 (Jan 8 high)
An alternative scenario implies a decline to the session low of 1.2350 and beyond that, maybe to 1.2295 (Jan 23 high)
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