Technical Analysis

16 September 2020

GBP / USD rose slightly, but remains below MA (200) H1

Today, the GBP / USD pair is trading with a slight increase in the range of $1.2870-1.2965, but remains near the lows of the end of July reached last week. On the hourly chart, the pair remains below the moving average line MA (200) H1 ($1.2985) and on the four - hour chart-below MA (200) H4 ($1.3115). A strong resistance level of $1.3035 may keep GBP / USD from rising further. If it breaks through, the price may rise to $1.3175. The session low of $1.2870 represents the support level. If this level is passed, the pair may follow a correction to $1.2760. The most likely range of price movement today may be hidden within the range of $1.2870-1.3035


Resistance levels are at: $1.3035, $1.3175, $1.3320

Support levels are at: $1.2870, $1.2760, $1.2720


The main scenario for the pair's promotion - break of the session low of $1.2870 and a likely decline to $1.2760 (September 10-11 low)

An alternative scenario -if the MA (200) H1 level ($1.2985) and the resistance of $1.3035 (September 10 high) are broken, the pair is likely to grow to $1.3175 (September 4 low, September 8 high)

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

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