GBP/USD Analysis

[Uritron]

Yesterday, the GBP/USD traded higher and closed the day in positive territory around the price of 1.2200. Today, on the contrary, the pair fell a little, dropping to the level of 1.2185. On the hourly chart, GBP/USD tests the resistance strength at the moving average lines MA (200) and H1 (1.2150). 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 at the end of the correction.

Resistance levels are at: 1.2225–30, 1.2285–1.2330–35.
Support levels are at 1.2155, 1.2090–95, and 1.2070.

The main scenario is a continued decline to 1.2155 (Nov. 2 low).

The alternative scenario is final consolidation above the MA 200 H1 level with subsequent growth to 1.2285 (Oct 24 high).

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