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- GBP/USD remains below MA (200) H1
GBP/USD remains below MA (200) H1
Today, the GBP/USD pair is trading in the range of 1.2155-1.2245 after falling on Monday to the lowest value since October 2023, 1.2100. On the hourly chart, GBP/USD remains below the MA (200) H1 (1.2335) moving average line and below MA (200) H4 (1.2560) 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 1.2250 resistance may keep the GBP/USD from rising further. If this level is passed, the pair can rise to 1.2320. The lower limit of 1.2100 represents a strong support level.
Resistance levels are: 1.2250, 1.2320-35, 1.2380
Support levels are: 1.2140, 1.2100, 1.2070
The main scenario for the pair's advance suggests a decline to 1.2140 (Jan 14 low) and then maybe to 1.2100 (Jan 13 low).
An alternative scenario implies a breakout of the resistance 1.2250 (Jan 14 high) and there may be an increase to 1.2320-35 (Jan 10 high, MA (200) H1).
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