GBP/USD dropped slightly below MA (200) H1

Today, the GBP/USD pair is trading in the range of 1.2570-1.2615. Since the beginning of trading, the pair has been in a downward trend, continuing yesterday's decline and reaching a weekly low, but then reversed and began an upward movement. The global movement of the pair remains upward, but the recent correction has led to a decline below MA (200) H1 (1.2630), which may indicate a possible continuation of the decline. However, the recent rebound from the 1.2560 level may indicate a temporary recovery, however, consolidation below 1.2630 will strengthen the bearish scenario. It is recommended to monitor the price reaction at 1.2630 to confirm the further direction of movement. The lower limit of 1.2550 represents a strong support level.

Resistance levels are: 1.2630, 1.2690, 1.2715-30

Support levels are: 1.2550-60, 1.2430, 1.2375

The main scenario for the pair's advance suggests an increase to MA (200) H1 (1.2630) and then, perhaps, to 1.2690 (Jan 27 high)

An alternative scenario implies a breakout of the support 1.2550-60 (Feb 14 and 19 low) and there may be a decline to 1.2430 (Feb 13 low)