GBP/USD upward momentum is fading

On the hourly chart, the GBP/USD pair shows the fading of the upward momentum that formed after June 20, when the price confidently overcame the level of 1.3590 and reached a local maximum around 1.3790. However, since the end of June, the pair has been showing signs of consolidation with increased bearish pressure, especially after repeated unsuccessful attempts to gain a foothold above the resistance of 1.3750. At the moment, the price is trading around 1.3705, being under pressure, and the nearest support is at 1.3675. A break below this mark may accelerate the decline to the 1.3590 area, where the MA (200) H1 moving average also passes, serving as an additional support zone. The MACD indicator has fallen into the negative zone and continues to show an increase in downward momentum, which confirms the predominance of sellers in the market. If 1.3675 holds, an upward pullback towards 1.3750 is possible, but the general sentiment is still inclined towards further weakening of the pound.

Resistance levels are: 1.3750, 1.3790, 1.3835

Support levels are:  1.3675, 1.3590, 1.3510

The main scenario for the pair's advance suggests a breakout of the session high of 1.3750 and there may be an increase to 1.3790 (June 30 high)

An alternative scenario implies a breakout of support at 1.3675 (June 30 low) and a possible decline to 1.3590 (June 25 low)