GBP/USD is trading under pressure

On the hourly chart, the GBP/USD pair is trading under pressure, remaining below the MA (200) H1 moving average, which indicates the continuation of the downward momentum. After a sharp pullback from the 1.3750 area and an unsuccessful attempt to recover above the 1.3685 level, the price continued to decline and is currently consolidating near the 1.3600 mark. The nearest support is at 1.3560, and its breakdown will open the way to 1.3510. The MACD indicator remains in the negative zone, the histogram indicates the predominance of bearish pressure and the absence of signs of a reversal. The overall technical picture indicates the likelihood of a further decline in the pair, especially if dollar pressure persists and quotes remain below key resistance levels. A return above 1.3685 will be the first signal for a possible recovery, but at the moment the priority remains with sellers.

Resistance levels are: 1.3685, 1.3750, 1.3790

Support levels are: 1.3560, 1.3510, 1.3455

The main scenario for the pair's advance suggests a breakout of the resistance at 1.3685 (July 4 high) and there may be an increase to 1.3750 (July 2 high)

An alternative scenario implies a breakout of the support 1.3560 (July 2 low) and there may be a decline to 1.3510 (June 20 low)