GBP/USD Analysis

[Uritron]

Today, the GBP/USD pair is mainly rising in the range of 1.2185–1.2235; on the hourly chart, it rose slightly above the MA (200) and H1 (1.2150) moving average lines. On the four-hour chart, the pair tests the MA (200) and H4 (1.2190). Technically speaking, the resistance level of 1.2290 may keep prices from further growth. In the event of its breakdown, the pair may rise to 1.2340. The lower boundary of 1.2070 represents a strong support level.

⦁ Resistance levels are 1.2290, 1.2340, and 1.2425.
⦁ Support levels are 1.2150, 1.2070, and 1.2035.

The main scenario for the pair suggests a rise to 1.2290 (Oct 24 high) and a rise to 1.2070 (Oct 11 high).
The alternative scenario implies a decline in MA (200) and H1 (1.2150) and then to 1.2070 (Oct 26 low).

[Principio Mazzanti]

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