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- GBP/USD is testing MA 200 H1 support
GBP/USD is testing MA 200 H1 support
Yesterday the GBP/USD traded in different directions in the range of $1.3610-$1.3710 and closed the day without significant changes. Today it was trading in a narrow range of $1.3655-80, staying close to yesterday's closing price. On the hourly chart, GBP/USD is testing the strength of the support - the moving average line MA (200) H1 ($1.3690). On the four-hour chart, it remains above the MA 200 H4 line for now. Based on the above, it is probably worth sticking to the northern direction in trading and until the GBP/USD finally consolidates below MA 200 H1, it may be necessary to look for buy entry points at the end of the correction.
Resistances levels are at: $1.3705, $1.3750-55, $1.3785
Support levels are at: $1.3610, $1.3585, $1.3520
Probably, the main scenario - is an increase to $1.3705 (Feb 2 high). An alternative scenario - may be consolidation below the MA 200 H1 level with a subsequent decline to $1.3610 (Feb 2 low).
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