Today the GBP / USD pair is trading in the range of 1.2640-90 after rising on Wednesday to the weekly high of 1.2750. On the hourly chart, the pair is testing the MA (200) H1 moving average line (1.2660). On the four-hour chart, the pair remains below the MA (200) H4(1.2760). Technically speaking, the level of 1.2620 may keep prices from further decline. In case it is broken, the pair may fall to 1.2550-60. The upper boundary of 1.2750-65 represents a strong resistance level.
⦁ Resistance levels are: 1.2750-65, 1.2800, 1.2840
⦁ Support levels are: 1.2620, 1.2550-60, 1.2490
The main scenario of the pair's advance assumes a break of support at 1.2620 (August 30 low) and there may be a decline to 1.2550-60 (August 25-29 lows)
The alternative scenario implies a rise to 1.2750-65 (Aug 23 and 30 high) and then maybe to 1.2800 (Aug 22 high).
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