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- The GBP/USD is testing the resistance of MA 200 H1
The GBP/USD is testing the resistance of MA 200 H1
Yesterday, the GBP/USD traded in different directions in the range of 1.2670-1.2700 and closed the day without significant changes. Today it was trading in a narrow range of 1.2680-90, remaining close to yesterday's closing price. On the hourly chart, GBP/USD is testing the strength of resistance - the moving average line MA (200) H1 (1.2690). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the southern direction in trading and while the pair 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: 1.2700-05, 1.2740, 1.2760
- Support levels are at: 1.2660, 1.2625-35, 1.2570-75
Probably, the main scenario is a resumption of decline to 1.2660 (the low of the American session on Jun 24).
The alternative scenario is final consolidation above the MA 200 H1 level with subsequent growth to 1.2860 (Jun 12 high).
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