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- The GBP/USD still testing support for MA 200 H1
The GBP/USD still testing support for MA 200 H1
Yesterday, the GBP/USD traded higher and closed the day in the positive territory around the price of 1.2520. Today it was trading in a narrow range of 1.2510-30, remaining 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 (1.2525). On the four-hour chart, the pair still remains above the MA 200 H4 line. Based on the above, it is probably worth sticking to the north direction in trading and while the pair remains above MA 200 H1, may be need to look for entry points to buy at the end of the correction.
- Resistances levels are at: 1.2535, 1.2565, 1.2590
- Support levels are at: 1.2470, 1.2445, 1.2420
Probably, the main scenario is a resumption of growth to 1.2535 (the high of the American session on May 8).
The alternative scenario is final consolidation below the MA 200 H1 level, followed by a decline to 1.2470 (the low of the American session on May 9).
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