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- GBP/USD is showing signs of correction after recent gains.
GBP/USD is showing signs of correction after recent gains.
On the hourly chart, the GBP/USD pair is showing signs of correction after recent growth, reaching resistance around 1.3330. The current price is near 1.3300 and is testing the strength of the moving average line, which indicates an uncertain direction in the short term. The MACD indicator signals a slowdown in the upward momentum: the histogram is shrinking, and a downward reversal is possible. In general, the pair is trading in a range, and going beyond it is required to determine the further direction. As long as the price remains above the MA (200) H1 moving average and has not broken through the support at 1.3250, there is still a possibility of a recovery attempt.
Resistance levels are: 1.3330, 1.3360, 1.3405
Support levels are: 1.3250, 1.3210, 1.3140
The main scenario for the pair's advance suggests a breakout of the session high of 1.3330 and there may be an increase to 1.3460 (May 14 high).
An alternative scenario implies a breakout of the support 1.3250 (May 14 low) and a possible decline to 1.3210 (May 9 low)
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