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- The GBP/USD is testing resistance MA 200 H1
The GBP/USD is testing resistance MA 200 H1
Yesterday, the GBP/USD traded higher and closed the day in the positive territory near the price of 1.2710. Today, on the contrary, the pair fell slightly, dropping to the mark of 1.2695. On the hourly chart, GBP/USD is testing resistance for strength - the moving average line MA (200) H1 (1.2720). 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, 1.2745, 1.2785
- Support levels are at: 1.2665, 1.2630-35, 1.2605
Probably, the main scenario is a continuation of the decline to 1.2665 (Dec 17 low).
The alternative scenario is final consolidation above the MA 200 H1 level with subsequent growth to 1.2810 (Dec 6 high).
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