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- The GBP/USD remains below MA 200 H1
The GBP/USD remains below MA 200 H1
Yesterday, the GBP/USD traded lower and closed the day in the red zone near the price of 1.2645. Today it traded in a narrow range of 1.2645-60, remaining near yesterday's closing price. On the hourly chart, GBP/USD is still trading below the moving average line MA (200) H1 (1.2715). 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 selling to form a correction.
- Resistance levels are at: 1.2715, 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 1.2920 (Nov 11 high).
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