GBP/USD holds above MA (200) H1

On the hourly chart, the GBP/USD pair shows a sharp decline, breaking through the upward moving average of MA (200) H1 downwards, which indicates a change in the short-term trend towards bearish dynamics. After an unsuccessful resistance test in the area of 1.3585 and a subsequent downward reversal, the price reached a low near the level of 1.3450, which now acts as the nearest support. The MACD indicator confirms the negative dynamics, remaining in the negative zone with an increase in the downward momentum. In case of a repeated decline and breakdown of the 1.3450 level, further movement to 1.3415 is possible. To restore bullish sentiment, the pair needs to gain a foothold above MA (200) H1 and the resistance of 1.3585. While this is not happening, the market is inclined to sell on the rise, and the overall picture indicates the dominance of sellers in the short term.

Resistance levels are: 1.3585, 1.3620, 1.3650

Support levels are: 1.3450, 1.3415, 1.3390

The main scenario for the pair's advance suggests an increase to 1.3585 (June 6-9 high) and beyond that, maybe to 1.3620 (June 5 high).

An alternative scenario implies a breakout of the support 1.3450 (May 30 low) and a possible decline to 1.3415 (May 29 low)