Yesterday, the GBP/USD was trading lower and closed the day in the red zone near the price of $1.2195. Today, it was trading in a narrow range of $1.2195-20, staying close to the May 2020 lows. On the hourly chart, GBP/USD is still trading below the moving average line MA (200) H1 ($1.2275). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the south direction in trading, and while the GBP/USD remains below MA 200 H1, it may be necessary to look for entry points to sell for the formation of a correction.
Resistances levels are at: $1.2285, $1.2400-05, $1.2580
Support levels are at: $1.2165, $1.2100, $1.2000
Probably, the main scenario is a continued decline towards $1.2165 (May 12 low).
The alternative scenario is consolidation above the MA 200 H1 level, followed by a rise to $1.2770 (Apr 26 high).
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