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- The GBP/USD rose slightly
The GBP/USD rose slightly
On Friday, the GBP/USD traded lower and closed the day in the red zone near the price of 1.2605. Today, on the contrary, it rose slightly, rising to the mark of 1.2640. On the hourly chart, GBP/USD is still trading below the moving average line MA (200) H1 (1.2815). 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 H1, it may be necessary to look for entry points for selling to form a correction.
- Resistance levels are at: 1.2695-20, 1.2765, 1.2830
- Support levels are at: 1.2600, 1.2570-75, 1.2505
Probably, the main scenario is a continuation of the decline to 1.2600 (Nov 15 low).
The alternative scenario is final consolidation above the MA 200 H1 level with subsequent growth to 1.3045 (Nov 6 high).
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