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- The GBP/USD trading near May lows
The GBP/USD trading near May lows
Yesterday, GBP/USD traded higher and closed the day in the positive territory near 1.2675. Today it traded in a narrow range of 1.2665-85, remaining near May lows. On the hourly chart, GBP/USD is still trading below the MA (200) H1 moving average line (1.2785). 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 at the end of the correction.
- Resistance levels are at: 1.2695-20, 1.2765, 1.2830
- Support levels are at: 1.2600-15, 1.2570-75, 1.2505
Probably, the main scenario is a continuation of the decline to 1.2615 (low of the American session on Nov 18).
The alternative scenario is final consolidation above the MA 200 H1 level with subsequent growth to 1.3005 (Nov 7 high).
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