Yesterday the GBP/USD pair traded lower and closed the day in the red zone near the price of 1.2565. Today the pair was trading in a narrow range of 1.2550-70, staying close to yesterday's closing price. On the hourly chart, the GBP/USD is still trading below the moving average line MA (200) H1 (1.2625). 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 continuation of the fall towards 1.2530 (Sep 5 low).
The alternative scenario is final consolidation above MA 200 H1 level, followed by growth to 1.2745 (Aug 30 high).
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