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- GBP/USD shows recovery
GBP/USD shows recovery
On the hourly chart, the GBP/USD pair is showing recovery after a prolonged downtrend, while the price is steadily approaching the resistance zone of 1.3490, where the MA (200) H1 moving average also passes, acting as a key level. A sustained break above may be a signal for continued growth with a target of 1.3525. In case of failure of the breakdown, a rollback to the support at 1.3400 is likely. The MACD indicator indicates an increase in bullish momentum, which confirms the current recovery phase. However, the overall movement still remains within the descending channel, which requires caution when opening long positions.
Resistance levels are: 1.3490, 1.3525, 1.3590
Support levels are: 1.3400, 1.3365, 1.3335
The main scenario for the pair's advance suggests a breakout of the session low of 1.3400 and a possible decline to 1.3365 (July 16 low)
An alternative scenario implies a breakout of the resistance at 1.3490 (July 16 high) and an increase towards 1.3525 (July 8 low).
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