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- GBP/USD remains below MA (200) H1
GBP/USD remains below MA (200) H1
Today, the GBP/USD has grown significantly, retreating further from the monthly low (1.2710) reached on Monday. And although the hourly chart shows an upward movement, the pair remains below the moving average MA (200) H1 (1.2921), which indicates a continuing downward momentum. The MACD indicator moved into positive territory for the first time since mid-Friday, which suggests that buyers are gradually returning to the market. For the downward movement to continue, the price must break through the level of 1.2752 (the session low), which will open the way to the next support. On the other hand, a return above 1.2934 may be the first signal for a more confident upward correction with a target in the region of 1.3050. The overall picture indicates the dominance of sellers, while the current pullback is perceived as a technical respite in the downtrend.
Resistances are at 1.2865, 1.2934, 1.3050
Support levels are at 1.2752, 1.2710-00, 1.2679
The main scenario for the pair's movement suggests a breakout of support at 1.2752 (session low) and a possible decline to 1.2710 (April 7 low)
An alternative scenario suggests a breakout of the session high at 1.2800 and a possible growth to 1.2934 (April 7 high, MA (200) H1)
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