Today, the GBP / USD pair is trading in the range of 1.2585-1.2635 - slightly above the 2-month low of 1.2550 reached last week. On the hourly chart, the pair remains below the MA (200) H1(1.2685) moving average line and on the four-hour chart below the MA (200) H4(1.2795). Technically speaking, the 1.2550 support level may keep prices from further declines. The upper boundary of 1.2730 represents a strong resistance level.
⦁ Resistance levels are: 1.2655, 1.2730, 1.2765
⦁ Support levels are: 1.2550, 1.2490, 1.2390
The main scenario for the pair suggests a break of support at 1.2550 (Aug 25 low) and a possible decline to 1.2490 (June 12 low)
The alternative scenario implies a break of the resistance at 1.2655 (Aug 25 high) and a possible rise to 1.2730 (Aug 24 high).
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