On Friday, the GBP/USD traded lower and closed the day in the red zone around the price of 1.2235. Today the pair was trading in a narrow range of 1.2235-50, remaining close to the March lows. On the hourly chart, GBP/USD is still trading below the moving average line MA (200) H1 (1.2380). 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 for the formation of a correction.
Probably, the main scenario is a continuation of the fall to 1.2230 (Sep 22 low).
The alternative scenario is a final consolidation above the MA 200 H1 level with subsequent growth to 1.2545 (Sep 11 high).
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