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- GBP/USD is testing MA (200) H1
GBP/USD is testing MA (200) H1
Today, the GBP/USD pair is trading in the range of 1.2380-1.2455 after falling yesterday to a 2-week low of 1.2250. On the hourly chart, the pair is testing the MA (200) H1 moving average line (1.2415). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the southern direction in trading for now and until the pair has gained a foothold above the MA 200 H1, it is necessary to look for entry points for sale. Technically speaking, the resistance of 1.2455 is keeping GBP/USD from further growth for now. If this level is passed, the pair may rise to 1.2525. The lower limit of 1.2250 represents a strong support level.
Resistance levels are: 1.2455-80, 1.2525, 1.2580
Support levels are: 1.2380, 1.2295, 1.2230-50
The main scenario for the pair's advance involves a breakout of the session low of 1.2380, a decline to 1.2295 (Jan 23 low) and then maybe to 1.2230-50 (Jan 21 and Feb 3 low)
An alternative scenario implies a breakout of the 1.2455-80 area (Jan 29-31 and Feb 3 highs). There may be an increase to 1.2525 (Jan 27 high)
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