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Having broken through the important short-term resistance level 1.1922 (EMA200 on the 1-hour chart) at the beginning of today's European session, GBP/USD has come close to the psychologically significant resistance level 1.2000.
If this milestone is passed, then the growth of GBP/USD may continue up to the resistance levels 1.2151 (EMA200 on the 4-hour chart), 1.2200, 1.2260 (EMA50 on the daily chart). Higher is unlikely, given the bearish momentum that forced the GBP/USD to hit more than a 2-year low (since April 2020) at 1.1760 last week.
In the main scenario, we expect a resumption of decline either near the local resistance level 1.2000, or near the marks 1.2075, 1.2100, 1.2150. A confirmation signal will be a breakdown of the support level 1.1922.
Support levels: 1.1922, 1.1900, 1.1800, 1.1760
Resistance levels: 1.2000, 1.2151, 1.2260, 1.2400, 1.2600, 1.2645, 1.2700, 1.2735, 1.2900, 1.3000, 1.3100, 1.3210, 1.3300
Trading recommendations
Sell Stop 1.1930. Stop Loss 1.2015. Take-Profit 1.1900, 1.1800, 1.1760, 1.1700
Buy Stop 1.2015. Stop Loss 1.1930. Take-Profit 1.2100, 1.2151, 1.2260, 1.2400, 1.2600, 1.2645, 1.2700, 1.2735, 1.2900, 1.3000, 1.3100, 1.3210, 1.3300
