Today the GBP / USD pair is trading in the range of 1.2370-1.2400 near a new 3-month low. On the hourly chart, the pair fell below the MA (200) H1(1.2455) moving average line. On the four-hour chart, the pair remains below the MA (200) H4 (1.2625). Technically speaking, the support level of 1.2370 may keep prices from further declines. In case it is broken, the pair may fall to 1.2310. The upper boundary of 1.2510 represents a strong resistance level.
⦁ Resistance levels are: 1.2450-55, 1.2510, 1.2590
⦁ Support levels are: 1.2370, 1.2310, 1.2275
The main scenario for the pair suggests a break of the session low of 1.2370 (June 5 and Sept 18 low) and a possible decline to 1.2310 (May 25 low)
The alternative scenario implies a break of the resistance at 1.2450-55 (Sept 15 high, МА (200) Н1) and a possible rise to 1.2510 (Sept 13-14 high).
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