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- GBP/USD shows corrective decline
GBP/USD shows corrective decline
The hourly chart of the GBP/USD pair shows a corrective decline after the previous upward momentum. The price dropped below the MA (200) H1 moving average, which indicates the possible formation of a downtrend. Currently, the quotes are fluctuating in the range between the support levels of 1.3525 and resistance levels of 1.3645. The MACD indicator is in the neutral zone, showing weak activity and lack of pronounced momentum, indicating a consolidation phase. To confirm the further direction of movement, it is necessary to wait for the breakdown of key levels. A break above 1.3645 may resume the upward movement with a target of 1.3685 and above, while a firm consolidation below 1.3525 will open the way to the next support in the area of 1.3455.
Resistance levels are: 1.3645, 1.3685, 1.3750
Support levels are: 1.3525, 1.3455, 1.3370
The main scenario for the pair's advance suggests a breakout of support at 1.3525 (July 8 low) and a possible decline to 1.3455 (June 10 low)
An alternative scenario implies a breakout of the resistance at 1.3645 (July 8 high) and an increase towards 1.3685 (July 4 high).
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