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Yesterday, the pound/dollar currency pair continued its inglorious fall. The US dollar, amid the aggravation of the situation with COVID-19, regained demand as a protective asset. The pound is weighed down by Brexit-related uncertainty, as well as uncertainty about the United Kingdom's economy. The British Prime Minister is issuing daily warnings about the second wave of coronavirus and introducing restrictive measures comparable to those that were in the spring of this year.
Daily
As a result of yesterday's decline, the pair broke through the 200 exponential moving average and stopped at the lower border of the Ichimoku indicator cloud, which limited the decline and provided support. However, at the moment of writing, the pair is trading under the lower border of the cloud, showing its readiness to continue moving in a southerly direction. The GBP/USD is trading below the important level of 1.2700, near 1.2685. If the weakening of the British currency continues, the pair risks falling to the area of 1.2648-1.2600. If the quote is fixed at 1.2600, the road to the most important psychological and technical level of 1.2500 will open. The correction scenario provides for a pullback of GBP/USD to the broken 200 EMA, which passes at 1.2758.
H4
On the four-hour timeframe, the pound/dollar is trading below the moving averages used: 50 MA, 89 EMA, and 200 EMA. A pullback to each of these broken movings can be a reason to open short positions on the pair. But will the market be able to provide such prices as a result of the pullback? The question is quite complex and far from unambiguous. In my opinion, for such a deep rollback, you will need an appropriate driver for the "British", however, it is not very clear where it may come from.
At the same time, I would like to draw your attention to the level of 1.2700, which is quite difficult to pass. If the pound bulls manage to keep the price above 1.2700, then the pullback to the area of 1.2800-1.2830 will take on a more realistic shape. If the pair is fixed at the 27th figure, it will be even more difficult for players to adjust the rate for an increase.
H1
This chart also shows very clearly that the current struggle of the opposing sides is taking place near 1.2700. When clearly defined reversal patterns of candlestick analysis appear, you can count on a correction and try neat purchases. However, the main trading recommendation for GBP/USD is to sell after corrections, which can also take place in a sideways range. Despite this probability, I will indicate higher prices for sales of the British currency: 1.2730, 1.2755, and 1.2780.
However, I do not recommend setting large goals. The pound sterling is oversold, and the US dollar, respectively, is overbought. Also, as already noted, the pair is trading near the important and strong level of 1.2700, where it may linger.
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