GBP/USD remains above MA (200) H1

Today, an uptrend is observed on the hourly chart of GBP/USD, which formed after the breakdown and consolidation above the MA (200) H1 moving average (1.3250). However, in recent hours, the price has been correcting downwards from the resistance level of 1.3430 and is approaching support in the area of 1.3200, where the moving average is also located, which can act as a support level. A rebound from it may signal a continuation of the uptrend. In case of a breakdown downwards, it is possible to move to a deeper correction with a target at 1.3115. The MACD indicator shows signs of a reversal: the histogram, which was previously in the negative zone, reduces the negative values, and the signal lines begin to converge, indicating a possible slowdown in the downward momentum and a potential return of purchases.

The overall picture remains bullish, but the current correction requires confirmation of the strength of buyers - it is desirable to see a rebound from the 1.3200 level with an increase in volumes and a recovery of the MACD above zero. If this does not happen, there is a risk of deepening the correction.

Resistance levels are: 1.3340, 1.3430, 1.3530

Support levels are: 1.3200, 1.3115, 1.2985

The main scenario for the pair's advance suggests a breakout of the session high of 1.3340 and there may be an increase to 1.3430 (April 21-22 high and Sep 26 high).

An alternative scenario implies a breakout of the support of 1.3200 (April 3 high and April 17 low) and there may be a decline of 1.3115 (April 4 high).