GBP/USD remains above MA (200) H1

On the hourly chart, the GBP/USD pair is showing a steady recovery, gaining a foothold above the MA (200) H1 moving average on the hourly chart and breaking through several key resistance levels. The current price is hovering around 1.3410 after the 1.3470 level was tested, which is the maximum of recent days. Despite the pullback from the local peak, the structure remains bullish, and support in the 1.3390 zone is holding back the correction for now. The MACD indicator shows a weakening of the upward momentum: the histogram has decreased, which may indicate the development of a short-term correction. Nevertheless, as long as the price remains above 1.3335 and the MA (200) H1 moving average, the priority remains on the side of buyers with the potential to resume growth after the rollback is completed.

Resistance levels are: 1.3405, 1.3445, 1.3500

Support levels are: 1.3345, 1.3290, 1.3250

The main scenario for the pair's progress suggests a breakout of the session high of 1.3470 and there may be an increase to the psychological level of 1.3500.

An alternative scenario implies a breakout of the session low of 1.3390 and there may be a decline to 1.3335 (May 20 low)