GBP/USD remains above MA (200) H1

On the hourly chart, the GBP/USD pair is trading near the local resistance of 1.3440 after a period of steady growth. In recent hours, there has been a downward consolidation, with the price maintaining positions above the 1.3390 support level, which indicates the possible formation of a short-term range. The main trend remains upward, as the price is confidently holding above the MA (200) H1 moving average, which is around 1.3320. This zone can act as a strong support for a deeper correction.

The MACD indicator shows a decrease in bullish momentum: the histogram has moved into a negative zone, and the indicator lines are pointing down. This indicates a weakening of buying pressure and a possible deepening of the correction. However, as long as the price remains above 1.3390, the bulls retain the advantage. So far, the technical picture indicates accumulation phases and possible preparation for a new impulse.

Resistance levels are: 1.3440, 1.3470, 1.3500

Support levels are: 1.3390, 1.3320-35, 1.3290

The main scenario for the pair's advance suggests a breakout of the session high of 1.3440 and there may be an increase to 1.3470 (May 21 high).

An alternative scenario implies a breakout of the session low of 1.3390 (May 21 low) and there may be a decline to 1.3320-35 (May 20 low, MA (200) H1)