The GBP / USD pair is trading in the range of 1.2465-1.2510 today, after dropping yesterday to a 3-month low of 1.2445. On the hourly chart, the pair fell below the MA (200) H1(1.2600) moving average line. On the four-hour chart, the pair remains below the MA (200) H4(1.2700). Technically speaking, the support level of 1.2430 may keep prices from further declines. In case it is broken, the pair may fall to 1.2370. The upper boundary of 1.2590 represents a strong resistance level.
⦁ Resistance levels are: 1.2510, 1.2590, 1.2640
⦁ Support levels are: 1.2430-45, 1.2370, 1.2310
The main scenario for the pair suggests a break of support at 1.2430-45 (June 8 and Sept 7 lows) and a possible decline to 1.2370 (June 5 low)
The alternative scenario implies a break of resistance at 1.2510 (Sept 7 high) and there could be a rise to 1.2590 (Sept 6 high).
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