Today, the GBP/USD pair is mostly down from 1.2300 to 1.2240, further retreating from the 5-week high of 1.2430 reached on Monday. On the hourly chart, the pair remains above the MA (200) and H1 (1.2220) moving average lines. On the four-hour chart, the situation is similar. The support level of 1.2155 may keep prices from further declining. In the event of its breakdown, the pair may fall to 1.2070. The upper boundary of 1.2450 represents a strong resistance level.

  • Resistance levels are 1.2350, 1.2430-50, and 1.2510.
  • Support levels are 1.2220, 1.2155, and 1.2070.

The main scenario for the pair suggests correction and growth to 1.2430–50 (Sept 15 and Nov 6 highs).
The alternative scenario implies a break of MA (200) and H1 (1.2220), and there could be a decline to 1.2155 (Nov. 2 low).