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- The GBP/USD is still testing the resistance of MA 200 H1
The GBP/USD is still testing the resistance of MA 200 H1
On Friday, the GBP/USD traded higher and closed the day in positive territory around $1.1585. Today it rose a little, having risen to the level of $1.1635. On the hourly chart, the GBP/USD is testing resistance - the moving average line MA (200) H1 ($1.1550). On the four-hour chart, the GBP/USD is still below the MA 200 H4 line. Based on the above, it is probably worth sticking to the south direction in trading, and while the GBP/USD remains below MA 200 H4, it may be necessary to look for entry points to sell at the end of the correction.
Resistances levels are at: $1.1645, $1.1695, $1.1760
Support levels are at: $1.1550, $1.1460-65, $1.1400-05
Probably, the main scenario is the continued decline to $1.1550 (the low of the American session on Sep 9).
The alternative scenario is final consolidation above the MA 200 H1 level, followed by a rise to $1.1760 (Aug 30 high).
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