19:23 GBP/USD is trading near to a 2-year low
Today, the GBP/USD pair is trading in the range of $1.2170-1.2230 - about a 2-year low. On the hourly chart, GBP/USD has consolidated below the moving average line MA (200) H1 ($1,2365) and on the four-hour chart remains below MA (200) H4 ($1.2800). Technically speaking, the support of $1.2160-65 may keep prices from further decline. The upper limit of $1.2405 represents the resistance level.
It is worth noting that the 14-day relative strength index (RSI (14) on D1) is below the level of 30, which signals a possible change in the direction of price movement.
⦁ Resistance levels are: $1.2255, $1.2365, $1.2405
⦁ Support levels are: $1.2160, $1.2080, $1.1975
The main scenario for the pair's promotion — the support breakthrough is $1.2160-65 (May 22-25’ 2020 low and May 12 low) and there may be a decline to $1.2080 (May 20’ 2020 low)
An alternative scenario — the resistance breakout is $1.2260 (May 12 high) and there may be an increase to $1.2405 (May 9 and 11 high)
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