The current situation for GBP/USD remains neutral

On the hourly chart of GBP/USD, there is an attempt to develop an upward correction after a prolonged decline recorded since the end of April. The price was able to overcome the MA (200) H1 moving average, but in recent hours it has been trading directly around it, which indicates market uncertainty. The key support level is currently at 1.3320 - a breakdown below may increase pressure on the pair and lead to a decline towards 1.3260. At the same time, the nearest resistance is at 1.3405, and then at 1.3445, which became a local maximum at the end of April.

The MACD indicator shows a gradual fading of the bullish momentum - the histogram is shrinking, and the signal line is trending down, which may indicate an imminent consolidation or pullback. However, as long as the MACD remains above the zero line, the bulls retain a certain advantage.

The current situation for GBP/USD remains neutral, with an upward trend if the quote remains above 1.3320 and MA (200) H1. In case of successful stabilization, we can expect a repeat test of the 1.3405 zone. However, if there is a breakdown below the key support, a return of downward pressure is likely.

Resistance levels are: 1.3405, 1.3445, 1.3530

Support levels are: 1.3320, 1.3260, 1.3200

The main scenario for the pair's advance suggests an increase to 1.3405 (May 6 high) and then, perhaps, to 1.3445 (April 28-29 high).

An alternative scenario implies a breakout of the session low of 1.3320 and there may be a decline to 1.3260 (May 1 low)