GBP/USD is testing MA (200) H1

On the hourly chart, the GBP/USD pair is trading with a moderate decline after a recent pullback from the local maximum around 1.3360. The recovery after the decline observed on May 9-10 encountered resistance in the 1.3305 zone, where the MA (200) H1 moving average also runs, which now acts as an important barrier to growth. The current price has stabilized around 1.3285, with the nearest support at 1.3250, and a stronger one at 1.3211. The MACD indicator shows a decrease in the bearish momentum - the histogram has started to rise from zero, which may indicate the beginning of a new round of upward correction. However, the lack of a confident breakdown above 1.3305 restrains the bulls and keeps the risks of a return to the supports. In case of a successful break above 1.3305, the target may be the 1.3360 zone. In general, the pair is consolidating near key levels, and the further direction of movement will depend on the ability of buyers to overcome the resistance of the moving average and gain a foothold above 1.3305.

Resistance levels are: 1.3305, 1.3360, 1.3405

Support levels are: 1.3250, 1.3210, 1.3140

The main scenario for the pair's advance suggests a breakout of the session high of 1.3305 and there may be an increase to 1.3460 (May 14 high).

An alternative scenario implies a breakout of the support 1.3250 (May 14 low) and a possible decline to 1.3210 (May 9 low)