The GBP / USD pair is trading in the 1.2400-45 range today, after declining yesterday to a 4-month low of 1.2395. On the hourly chart, the pair fell below the MA (200) H1(1.2495) moving average line. On the four-hour chart, the pair remains below the MA (200) H4 (1.2645). Technically speaking, the support level of 1.2395 may keep prices from further decline. In case it is broken, the pair may fall to 1.2350. The upper boundary of 1.2550 represents a strong resistance level.
⦁ Resistance levels are: 1.2495-1.2515, 1.2550, 1.2590
⦁ Support levels are: 1.2395, 1.2350, 1.2310
The main scenario for the pair suggests a break of support at 1.2395 (Sept 14 low) and may be a decline to 1.2350 (May 31 low)
The alternative scenario implies a break of resistance at 1.2495-1.2515 (Sept 13-14 high, MA (200) H1) and may be a rise to 1.2550 (Sept 11 high).
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