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- GBP/USD remains under pressure
GBP/USD remains under pressure
On the hourly chart, the GBP/USD pair remains under pressure after a sharp drop that began on June 17. The price confidently broke through the support levels of 1.3520 and 1.3480, after which it reached a minimum near 1.3380. At the moment, there is an attempt to recover, but the quote is trading below the MA (200) H1 moving average, which indicates a prevailing downtrend. The resistance at 1.3480 is holding back growth for now, and without its breakdown, a return to a steady upward movement is unlikely. Support remains at 1.3380, and its breakdown will strengthen the bearish sentiment. The MACD indicator began to turn up after being deeply oversold, which may signal a short-term correction or the formation of a local bottom. Nevertheless, the overall technical situation remains negative as long as the price remains below the 1.3520 area.
Resistance levels are: 1.3480, 1.3520, 1.3580
Support levels are: 1.3380, 1.3335, 1.3290
The main scenario for the pair's advance suggests a breakout of the session low of 1.3380 (May 21-22 low) and a possible decline to 1.3335 (May 20 low)
An alternative scenario implies a breakout of resistance at 1.3480 (June 18 high) and an increase towards 1.3520 (June 13 low).
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