GBP/USD shows recovery

On the hourly chart, the GBP/USD pair price remained below the moving average of MA (200) H1), which indicates a prevailing downtrend. However, an upward correction has been observed in recent days, and the price has approached the moving average, which may indicate a possible weakening of the downward momentum or an attempt to break it.

The MACD indicator has recently shown growing green histograms above the zero line, and its signal line has crossed the zero line from the bottom up, which confirms the current upward momentum in a short time interval. If the price breaks through the moving average and fixes above it, this may indicate a trend change to an upward one. Otherwise, if the price bounces down from the moving average, the downtrend is likely to continue. The current situation indicates a potential reversal or continuation of the downward movement, depending on the price's reaction to the moving average.

Resistance levels are: 1.3510, 1.3590, 1.3625

Support levels are: 1.3460, 1.3400, 1.3365

The main scenario for the pair's advance suggests a breakout of the session low of 1.3460 and a possible decline to 1.3400 (July 21 low) 

An alternative scenario implies a breakout of the resistance at 1.3510 (July 21 high) and an increase towards 1.3590 (July 11 high).