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- The GBP/USD is trading near May lows
The GBP/USD is trading near May lows
Yesterday, GBP/USD was trading lower and closed the day in the red near 1.2585. Today it traded in a narrow range of 1.2580-90, remaining near May lows. On the hourly chart, GBP/USD is still trading below the MA (200) H1 moving average line (1.2680). 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: 1.2655, 1.2675, 1.2715
- Support levels are at: 1.2570-75, 1.2505, 1.2470
Probably, the main scenario is a continuation of the decline to 1.2575 (Nov 21 low).
The alternative scenario is final consolidation above the MA 200 H1 level with subsequent growth to 1.2875 (Nov 12 high).
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