GBP/USD shows a corrective movement after a sharp decline

On the hourly chart, the GBP/USD pair is showing a corrective movement after a sharp decline from the 1.3750 level. The price is trying to stay above the MA (200) H1 moving average, but there is a noticeable struggle for the 1.3650 level, which acts as a short-term support. The recovery after the fall on July 1 met resistance in the area of 1.36848, where the MA (200) also passes, forming a strong supply zone. The MACD indicator shows a weak positive momentum: the histogram is above zero, but without pronounced growth, which indicates uncertainty and possible consolidation near current levels. The overall picture indicates a potential accumulation phase before a possible move, with a breakdown above 1.3685 opening the way to 1.3750, and a breakdown below 1.3585 confirming a further decline.

Resistance levels are: 1.3685, 1.3750, 1.3790

Support levels are: 1.3560-85, 1.3510, 1.3455

The main scenario for the pair's advance suggests a breakout of the session high of 1.3685 and there may be an increase to 1.3750 (July 2 high)

An alternative scenario implies a decline to 1.3560-85 (July 2-3 lows) and then, maybe, to 1.3510 (June 20 high)