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- The GBP/USD pair is testing the MA 200 H1
The GBP/USD pair is testing the MA 200 H1
Yesterday, the GBP/USD pair rose from 1.2405 to 1.2555, but closed the session with a slight decline near the price of 1.2510. Today, the pair started trading in the range of 1.2500-35, remaining close to Monday's closing price. On the hourly chart, GBP/USD is testing the MA (200) H1 (1.2510) moving average line, but on the four-hour chart it remains below MA (200) H4 (1.2625). Based on the above, it is probably worth following the southern direction in trading and until the pair has gained a foothold above the MA 200 H1, it is necessary to look for selling entry points to form a correction.
Resistance levels are at: 1.2555-70, 1.2610, 1.2670
Support levels are at: 1.2475, 1.2405, 1.2350
The main scenario for the pair's advance suggests a decline to 1.2405 (Jan 6 low) and then, perhaps, to 1.2350 (Jan 2 low)
An alternative scenario implies a breakout of the 1.2555-70 area (Dec 31 and Jan 6 high), followed by a likely increase to 1.2605-10 (Dec 20 and 30 high)
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