GBP/USD is holding above MA (200) H1

On the hourly chart, the GBP/USD pair is experiencing a steady recovery after the consolidation period at the end of May. The price has steadily consolidated above the MA (200) H1 moving average, which indicates the predominance of bullish sentiment. The last candles are showing growth with a breakdown of the 1.3540 level, and the pair is trading near the local resistance of 1.3575. The immediate target for buyers is the 1.3595 level, the breakdown of which will confirm the continuation of the uptrend. The MACD indicator is in the positive zone, the histogram is strengthening, which confirms the presence of an upward momentum. Overall, the technical picture remains favorable for growth, provided the price remains above 1.3540.

Resistance levels are: 1.3595, 1.3650, 1.3750

Support levels are: 1.3540, 1.3490, 1.3450

The main scenario for the pair's advance suggests a breakout of the resistance at 1.3595 (May 26 high) and there may be an increase to 1.3650 (Feb 21’ 2022 high).

An alternative scenario implies a breakout of the session low of 1.3540 and there may be a decline to 1.3490 (June 3 low)