GBP/USD remains above MA (200) H1

Today, there is a steady upward movement on the hourly chart of GBP/USD, which gained strength after the breakdown of the resistance level of 1.3325. The price peaked at 1.3450, after which a technical correction began. At the moment, the pair is trading near the 1.3390 mark, being above the MA (200) H1 moving average (1.3325), which confirms the continuing upward pressure. The MACD indicator begins to decline after a period of active growth, forming decreasing positive bars, which indicates a slowdown in the bullish momentum and the likelihood of a deepening correction in the near future. At the same time, the signal line is still above the zero mark, which confirms the bullish nature of the trend in the broader perspective.

Overall, the technical picture remains positive: the pair remains within the ascending channel, but the current correction phase may continue to the nearest support levels before a new growth attempt is made. A steady consolidation above 1.3450 will strengthen bullish sentiment and open the way to new highs.

Resistance levels are: 1.3450, 1.3530, 1.3650

Support levels are: 1.3325, 1.3275, 1.3200

The main scenario for the pair's advance suggests a breakout of the session high of 1.3450 (April 28 high) and there may be an increase to 1.3530 (January 26’ 2022 high).

An alternative scenario implies a breakout of MA (200) H1 (1.3325), a decline to 1.3275 (April 25 low) and then maybe to 1.3200 (April 3 high, April 17 low).