GBP/USD is trading near a five-week high

Today, since the beginning of the session, the GBP/USD pair was trading with a decrease (from $1.3065 to $1.3015), but soon rose sharply, regaining lost positions. The pair is trading slightly below the five-week high of $1.3080 reached yesterday and remains above the MA (200) H1 moving average line ($1.2950). On the four-hour chart, the pair is also trading above the MA (200) H4 ($1.2985). Yesterday's high of $1.3080 may keep GBP/USD from rising further. If it breaks through, the price may rise to $1.3170. On the other hand, a break of yesterday's low of $1.3005 may encourage the pair to decline to MA (200) H1 ($1.2950). The most likely range of price movement today may be hidden within the range of $1.2950 -1.3080.

⦁ Resistance levels are at: $1.3080, $1.3170, $1.3320

⦁ Support levels are at: $1.3005, $1.2950, $1.2890

The main scenario for the pair's promotion - break of yesterday's high of $1.3080 and possible growth of the pair to $1.3170 (September 8 high)

An alternative scenario - if yesterday's low of $1.3005 breaks (October 6 high), the pair is likely to decline to MA (200) H1 ($1.2950)