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Overview :
The EUR/USD pair faced strong resistance at 1.2200 and pulled back closer to the support at 1.2111 while the U.S. dollar gained some ground against a broad basket of currencies. Current price sets at the point of 1.2142.
The EUR/USD pair could not manage to settle above the resistance at 1.2200 and pulled back towards the nearest support level at 1.2111.
Alos, it should be noted that : The market opened below the weekly pivot point (1.2166). It continued to move downwards from the level of 1.2166 to the bottom around 1.2111.
Today, the first resistance level is seen at 1.2200 followed by 1.2255, while daily support 1 is seen at 1.2111.
If the GBP/USD pair settles below 1.2200, it will continue its downside move and head towards the next support level at the 20 EMA at 1.2111 again.
The GBP/USD pair broke support which turned to strong resistance at 1.2200. Right now, the pair is trading below this level. It is likely to trade in a lower range as long as it remains below the resistance (1.2200) which is expected to act as major support today.
In case the GBP/USD pair declines below the support at 1.2111, it will move towards the next support level at 1.2080. This support level has been tested several times in recent trading sessions and proved its strength.
This would suggest a bearish market because the moving average (100) is still in a negative area and does not show any signs of a trend reversal at the moment.
Amid the previous events, the GBP/USD pair is still moving between the levels of 1.2200 and 1.2053, so we expect a range of 147 pips in coming days.
Therefore, the major resistance can be found at 1.2200 providing a clear signal to sell with a target seen at 1.2111. If the trend breaks the minor support at 1.2111, the pair will move downwards continuing the bearish trend development to the level of 1.2080 in order to test the daily support 2. Next objective 1.2053 (support three).
Overall, we still prefer the bearish scenario which suggests that the pair will stay below the zone of 1.2200.
However, on the upside, the GBP/USD pair needs to get above the resistance at 1.2200 to continue its upside move. The next resistance level for the GBP/USD pair is located at 1.2200. If GBP/USD manages to get above this level, it will head towards the resistance at 1.2255.
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