Yesterday the GBP/USD traded higher and closed the day in the positive territory around 1.2720. Today the pair was trading in a narrow range of 1.2710-35, staying close to yesterday's closing price. On the hourly chart, the GBP/USD is testing resistance - the moving average line MA (200) H1 (1.2670). On the four-hour chart, the pair is still below the MA 200 H4 line. 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 for selling at the end of the correction.
Probably, the main scenario is the resumption of falling towards 1.2650 (the low of the American session on Aug 30).
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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