The GBP / USD pair is mostly down from 1.2530 to 1.2460 today, losing almost all the gains made yesterday. The pair is trading near the 3-month low of 1.2445 reached last week. On the hourly chart, the pair fell below the MA (200) H1(1.2560) moving average line. On the four-hour chart, the pair remains below the MA (200) H4(1.2680). Technically speaking, the support level of 1.2430-45 may keep prices from further declines. In case it is broken, the pair may fall to 1.2370. The upper boundary of 1.2590 represents a strong resistance level.
⦁ Resistance levels are: 1.2550-60, 1.2590, 1.2640
⦁ Support levels are: 1.2430-45, 1.2370, 1.2310
The main scenario for the pair suggests a break of support at 1.2430-45 (June 8 and Sept 7 lows) and a possible decline to 1.2370 (June 5 low)
The alternative scenario implies a break of resistance 1.2550-60 (Sept 11 high, MA (200) H1) and there could be a rise to 1.2590 (Sept 6 high).
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