The GBP / USD pair is trading in the 1.2545-90 range today, after declining yesterday to a 12-week low of 1.2530. On the hourly chart, the pair fell below the MA (200) H1(1.2620) moving average line. On the four-hour chart, the pair remains below the MA (200) H4(1.2725). Technically speaking, the support level of 1.2530 may keep prices from further declines. If it is broken, the pair may fall to 1.2490. The upper boundary of 1.2640 is a strong resistance level.
⦁ Resistance levels are: 1.2620-40, 1.2710, 1.2745-65
⦁ Support levels are: 1.2530, 1.2490, 1.2390
The main scenario for the pair suggests a break of support at 1.2530 (Sep 5 low) and maybe a decline to 1.2490 (June 12 low)
The alternative scenario implies a rise to 1.2620-40 (Sep 4 high, MA (200) H1) and then, maybe, to 1.2710 (Sep 1 high).
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