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- GBP/USD maintains a downward movement
GBP/USD maintains a downward movement
On the hourly chart, the GBP/USD pair maintains a downward trend. The price is consistently well below the MA (200) H1 moving average, which is a key signal of bearish sentiment. The pair is currently consolidating near the 1.3400 support level, after rebounding from the lows. The next strong support level is located at 1.3370. The MACD indicator is in the negative zone, and its histogram shows mostly red bars, which confirms the selling pressure. However, there are some signs of a slowdown in the downward momentum, as the histogram shows shorter red bars, and at some points green bars appear, indicating attempts by buyers to seize the initiative. The overall picture remains bearish for now, despite local attempts at a rebound.
Resistance levels are: 1.3420, 1.3470, 1.3525
Support levels are: 1.3370, 1.3335, 1.3290
The main scenario for the pair's advance suggests a breakout of resistance at 1.3370 (June 23 low) and a possible decline to 1.3335 (May 20 low)
An alternative scenario implies a breakout of the session high of 1.3420 (July 14 low) and there may be an increase to 1.3470 (July 15 high)
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