GBP/USD remains above MA (200) H1

On the hourly chart, GBP/USD continues to trade in an uptrend, confidently holding above the MA (200) H1 moving average, which is directed upwards and confirms the predominance of "bulls" in the medium term. After a rapid growth, which ended with the formation of a local maximum at 1.3595, the pair began a corrective downward movement and is currently consolidating near the 1.3550 mark. The MACD indicator shows a decrease in the histogram and a negative value, which confirms the current correction phase. However, as long as the price remains above the key support levels and the 200 SMA, the overall direction remains upward. To continue the growth, the pair needs to overcome the resistance at 1.3595 and gain a foothold above the local maximum. Otherwise, the risks of a deepening correction remain, especially with increased bearish activity below the 1.3520 zone.

Resistance levels are:  1.3595, 1.3650, 1.3700

Support levels are: 1.3520, 1.3470, 1.3390

The main scenario for the pair's advance suggests a breakout of resistance at 1.3595 (May 26 high) and there may be an increase to 1.3650.

An alternative scenario implies a breakout of the session low of 13520 and there may be a decrease to 1.3470 (May 21 high)