GBP/USD is trading near a monthly low

Today, on the hourly chart, the GBP/USD pair is trading in the range of 1.2830-1.2935 (near the monthly low) after rising sharply at the end of last week to a 6-month high of 1.3210. The maximum was formed on April 2, from where an active downward movement began, breaking through several support levels, including 1.3115, 1.2955 and 1.2934. The current downward momentum is strong, which is confirmed by the MACD histogram, which is in the negative zone and indicates the dominance of bearish sentiment. The MA (200) H1 moving average (1.2955) has also been broken from top to bottom, and is now located above the price, which confirms the change of the short-term trend to a downward one. It is important to note that the previous consolidation in the area of 1.2950-1.2930 was broken down, which increases the pressure on the price. If the 1.2830 level fails, the next important benchmark may be the area below 1.2770. There are no signs of a reversal yet, and any pullbacks are likely to be seen as opportunities to enter sales.

Resistance levels are: 1.2935-55, 1.3115, 1.3210

Support levels are: 1.2830, 1.2770, 1.2680

The main scenario for the pair's advance suggests a breakout of the session low of 1.2830 and a possible decline to 1.2770 (March 5 low)

An alternative scenario implies a breakout of the session high of 1.2935 and MA (200) H1 (1.2955) and there may be an increase to 1.3115 (April 4 high)