Forecast of the GBP / USD currency pair
Today we will take a look at the GBP / USD currency pair. By the opening of the European trading session, the pair managed to break through support at 1.2480, and after this, selling activity noticeably declined. In any case a bearish scenario remains until the currency pair breaks through, and remains above the resistance level of 1.2550.
The main scenario takes into account further weakening of the currency pair to 1.2360 / 70. At the same time, there is a risk of a return to the resistance area of 1.2520–1.2545. I would like to draw your attention to the fact that this area is a price gap between the closing price of last week and the opening price of the current one. As a result, I do not exclude an attempt by buyers to close this gap, after which a decrease in this currency pair will follow.
An alternative scenario involves the completion of a downward wave and a return of the currency pair above 1.2480 which is a confirmation of the sellers' weakness. But for me, this scenario remains an alternative, until the pair breaks above 1.2550.
Today there will be no important macroeconomic publications from Britain or the USA so the volatility in this currency pair may remain moderate.
The above review is not a direct guide to action, but carries an exclusively recommendatory nature.
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