Yesterday, the GBP/USD traded lower and closed the day in the red zone around the price of 1.2295. Today, the pair also fell slightly, dropping to 1.2275. On the hourly chart, GBP/USD trades above the moving average line MA (200) H1 (1.2215). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the north direction in trading, and while the pair remains above MA 200 H1, you may need to look for entry points to buy at the end of the correction.
The main scenario is probably a resumption of growth to 1.2330 (the high of the European session on November 7).
The alternative scenario implies a final consolidation below the MA 200 H1 level with a subsequent decline to 1.2070 (Oct 26 low).
- Resistance levels are at 1.2330, 1.2395, and 1.2425.
- Support levels are at 1.2260, 1.2185, and 1.2155.
The main scenario is probably a resumption of growth to 1.2330 (the high of the European session on November 7).
The alternative scenario implies a final consolidation below the MA 200 H1 level with a subsequent decline to 1.2070 (Oct 26 low).
