Yesterday the GBP/USD traded higher and closed the day in the positive territory around 1.2645. Today, the pair, on the contrary, fell a little, dropping to the level of 1.2625. On the hourly chart, the GBP/USD is still trading below the MA (200) H1 (1.2675) moving average line. The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the south 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 renewed decline towards 1.2565 (Aug 29 low).
The alternative scenario is a final consolidation above the MA 200 H1 level, followed by a rise to 1.2800 (Aug 22 high).
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