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- GBP/USD dropped below MA (200) H1
GBP/USD dropped below MA (200) H1
The hourly chart of the GBP/USD pair shows a downward trend after reaching a local maximum around 1.3620. The price has consistently declined, breaking through the MA (200) H1 moving average and gaining a foothold below it, which confirms the bearish market sentiment. At the moment, the quote is near the level of 1.3490 after a pullback from the local low near 1.3465. The MACD indicator indicates continued selling pressure: the histogram remains in the negative zone, despite attempts by the bulls to bring the price back above the 1.3500 level. The lack of a confident upward momentum and the inability to overcome the 200 SMA increase the likelihood of a further decline towards the nearest supports. Only consolidation above 1.3510 may signal a possible reversal of the short-term trend.
Resistance levels are: 1.3510, 1.3580, 1.3620
Support levels are: 1.3450-65, 1.3415, 1.3390
The main scenario for the pair's advance suggests a breakout of the session lows of 1.3465 and 1.3450 (May 30 low) and a possible decline to 1.3415 (May 29 low)
An alternative scenario implies a breakout of the session high of 1.3510 and there may be an increase to 1.3580 (June 9 high).
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