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- The GBP/USD pair remains below MA (200) H1
The GBP/USD pair remains below MA (200) H1
Yesterday, the GBP/USD pair traded in different directions: by the end of European trading, it fell to the October 2023 low of 1.2100, but during the American session it rose to 1.2200, regaining all lost positions. Today, the pair started trading in the range of 1.2190-1.2250, slightly above the closing level of yesterday's session. On the hourly chart, GBP/USD remains below the MA (200) H1 (1.2370) moving average line and below MA (200) H4 (1.2575) on the four-hour chart. Based on the above, it is probably worth following the southern direction in trading and as long as the pair remains below the MA 200 H1, it is necessary to look for entry points to sell at the end of the correction.
Resistance levels are at: 1.2250, 1.2320, 1.2370
Support levels are at: 1.2100, 1.2070, 1.2040
The main scenario for the pair's progress suggests a decline to 1.2100 (Jan 13 low) and then, perhaps, to 1.2070 (Oct 26’ 2023 low)
An alternative scenario implies a breakout of the session high of 1.2250 and there may be an increase to 1.2320 (Jan 10 high)
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