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- The GBP/USD is testing the support of MA 200 H1
The GBP/USD is testing the support of MA 200 H1
On Friday, the GBP/USD traded higher and closed the day in the positive territory around $1.2700. Today it was trading in a narrow range of $1.2685-05, staying close to Friday's closing price. On the hourly chart, the GBP/USD is testing the strength of the support - the moving average line MA (200) H1 ($1.2705). On the four-hour chart, it is still above the MA 200 H4 line. Based on the foregoing, it is probably worth sticking to the north direction in trading, and as long as the GBP/USD remains above MA 200 H1, it may be necessary to look for entry points to buy at the end of the correction.
Resistances levels are at: $1.2725, $1.2760-65, $1.2835-45
Support levels are at: $1.2590-00, $1.2555, $1.2530
Probably, the main scenario is a resumption of growth towards $1.2725 (Jun 30 high).
The alternative scenario is a final consolidation below the MA 200 H1 level, followed by a fall to $1.2590 (Jun 29 low).
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