Yesterday, the GBP/USD traded in different directions in the range of 1.2370-1.2410 and closed the day without significant changes. Today the pair also traded in a narrow range of 1.2375-90, remaining close to the lows of May. On the hourly chart, GBP/USD is still trading below the moving average line MA (200) H1 (1.2460). 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 1.2370 (Sep 18 low).
The alternative scenario is a final consolidation above the level of MA 200 H1 with subsequent growth to 1.2585 (Sep 6 high).
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