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- GBP/USD remains below MA (200) H1
GBP/USD remains below MA (200) H1
Today, the GBP/USD pair is mainly declining in the range of 1.2155-1.2250 after falling yesterday to the lowest value since October 2023, 1.2100. On the hourly chart, GBP/USD remains below the MA (200) H1 (1.2360) 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. Technically speaking, the 1.2100 support can keep GBP/USD from falling further. If this level is passed, the pair may fall to 1.2070. The upper limit of 1.2320 represents a strong resistance level.
Resistance levels are: 1.2250, 1.2320, 1.2380
Support levels are: 1.2100, 1.2070, 1.2040
The main scenario for the pair's advance suggests a decline to 1.2100 (Jan 13 low) and then maybe 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 of 1,2320 (Jan 10 high)
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