GBP/USD is testing MA (200) H1

On the hourly chart of GBP/USD, the price is consolidating around the level of 1.3475 after the previous decline from the maximum near 1.3595. After the upward momentum, which ended at 1.3595, the price showed a series of lowered highs and lows, indicating a local downward trend. However, in the area of the 1.3454 level, support has formed, coinciding with the MA (200) H1 moving average, from which the price has rebounded and is demonstrating an attempt to recover. The MACD histogram, despite the recent entry into the positive zone, shows weak dynamics and fluctuations near the zero line, which confirms the lack of a confident momentum and the possible formation of an accumulation phase. At the moment, the market is in a stage of uncertainty, and a breakdown of one of the key levels will be required to confirm the direction of movement.

Resistance levels are: 1.3525, 1.3595, 1.3700

Support levels are: 1.3455, 1.3415, 1.3390

The main scenario for the pair's advance suggests a breakout of the resistance at 1.3525 (May 28 high) and there may be an increase to 1.3595 (May 26 high).

An alternative scenario implies a breakout of the session low of 1.345 and there may be a decline to 1.3415 (May 29 low) and 1.3390 (May 21-22 low)