Today, the GBP /USD pair is mainly growing from $1.2310 to $1.2390, having regained all the positions lost yesterday. The pair retreated slightly from the 7-week low. On the hourly chart, GBP/USD remains below the moving average line MA (200) H1 ($1.2420) and on the four-hour chart below MA (200) H4 ($1.2480). Technically speaking, the support of $1.2310 can keep prices from further decline. The upper limit of $1.2485 represents the resistance level.
⦁ Resistance levels are: $1.2420, $1.2470-85, $1.2545
⦁ Support levels are: $1.2310, $1.2275, $1.2190
The main scenario of the pair's promotion assumes a breakthrough of yesterday's low of $1.2310 and may be a decline to $1.2275 (April 3 low)
An alternative scenario implies a breakout of MA (200) H1 ($1.2420) and there may be an increase to $1.2470-85 (May 19-22 and 24 highs)
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