GBP/USD is trading with a moderate bullish bias

On the hourly chart, the GBP/USD pair is trading with a moderate bullish bias, consolidating above the MA (200) H1 moving average, which indicates the continuation of the upward momentum in the short term. After a pullback from the 1.3635 level, the quote stabilized around 1.3580, showing signs of consolidation. The nearest resistance is the 1.3605 zone, the breakdown of which will open the way to a retest of the annual maximum. The support level is 1.3520, which previously provided significant technical support, and its breakdown may increase pressure on the pair in order to reduce to 1.3490 and further to 1.3465. The MACD indicator shows positive dynamics: the histogram is growing above the zero line, which signals the resumption of the upward momentum. The overall picture on the chart indicates the dominance of buyers, however, to confirm the continuation of growth, a steady consolidation above the level of 1.3605 is necessary.

Resistance levels are: 1.3605, 1.3635, 1.3695

Support levels are: 1.3520, 1.3490, 1.3450-65

The main scenario for the pair's advance assumes a breakout of the resistance of 1.3605 (high of the American session on June 13) and may lead to an increase of 1.3635 (June 13 high)

An alternative scenario implies a breakout of the support 1.3520 (June 12-13 low) and there may be a decline to 1.3490 (June 3 low).