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- The GBP/USD slightly rose
The GBP/USD slightly rose
Yesterday, the GBP/USD traded lower and closed the day in the red zone near the price of 1.2690. Today, on the contrary, it slightly rose, rising to the mark of 1.2710. On the hourly chart, GBP/USD is still trading below the moving average line MA (200) H1 (1.2805). On the four-hour chart, the situation is similar. Based on the above, it is probably worth sticking to the southern direction in trading and while the pair remains below MA 200 H1, it may be necessary to look for entry points for sale at the end of the correction.
- Resistance levels are at: 1.2725, 1.2805-15, 1.2840
- Support levels are at: 1.2660-75, 1.2610-15, 1.2570-75
Probably, the main scenario is a continuation of the decline to 1.2675 (Aug 6 low).
The alternative scenario is final consolidation above the MA 200 H1 level with subsequent growth to 1.2915 (Jul 25 high).
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