By the beginning of European trading, the GBP/USD pair rose to $1.2805, but later fell sharply to $1.2700, remaining near a two-month low. On the hourly chart, the pair remains below the moving average line MA (200) H1 ($1.2845) and on the four - hour chart- below MA (200) H4 ($1.3060). The $1.2675 support may keep GBP/USD from further decline. If it breaks through, the price may fall to $1.2640 (minimum July 21-22). The session high of $1.2805 represents the resistance level. If it is passed, the pair may follow a correction to $1.2845-65. The most likely range of price movement today may be hidden within the range of $1.2675-1.2805
⦁ Resistance levels are at: $1.2805, $1.2845-65, $1.2965
⦁ Support levels are at: $1.2675, $1.2640, $1.2510
The main scenario for the pair's promotion - breakout of the $1.2675 support (July 23 and September 23 low) and a likely decline to $1.2640 (July 21-22 low)
An alternative scenario - break of the session high of $1.2805 and the pair's likely growth to $1.2845-65 (September 22 high, MA (200) H1)
Yesterday the GBP/USD was trading slightly higher and closed the day in positive territory around $1.2745. Today it traded in a narrow range of $1.2745-60, staying close to yesterday's closing price. On the hourly chart, GBP/USD is still trading below the MA line (200) H1 ($1.2845). 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 on the formation of a correction.
Resistances levels are at: $1.2780, $1.2865, $1.2965
Support levels are at: $1.2675, $1.2645, $1.2615
Probably, the main scenario - is the continuation of the decline to $1.2675 (Sep 23 low). An alternative scenario - may be consolidation above the MA 200 H1 level with a subsequent rise to $1.2965 (Sep 21 high).
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