Yesterday, the GBP/USD traded higher and closed the day in positive territory around the price of 1.2200. Today the pair also rose slightly, rising to 1.2225. However, on the hourly chart, GBP/USD is still trading below the moving average line MA (200) H1 (1.2255). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the southern direction in trading and while the pair remains below MA 200 H1, it may be necessary to look for entry points to sell at the end of the correction.
Probably, the main scenario is a resumption of the fall to 1.2175 (the low of the American session on Sep 28).
An alternative scenario is a final consolidation above the MA 200 H1 level with subsequent growth to 1.2425 (Sep 19 high).
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