GBP/USD remains in a downtrend

On the hourly chart, the GBP/USD pair is showing a pronounced downward trend, confirmed by the price being well below the red moving average, which itself has been steadily declining since early July. The price has broken through several key support levels and is currently trading around 1.3395, nearing new local lows, with a potential support level near 1.3365. The MACD indicator is below the zero line, with a red histogram and downward-sloping lines, indicating strong bearish momentum and confirming the weakness of the bulls. Short-term rebounds, such as the one seen on July 16, are quickly followed by renewed selling pressure. All technical signals continue to point to further downside movement for GBP/USD.

Resistance levels are: 1.3420, 1.3470, 1.3525

Support levels are: 1.3365, 1.3335, 1.3290

The main scenario for the pair's advance suggests a breakout of resistance at 1.3370 (June 23 low) and a possible decline to 1.3335 (May 20 low)

An alternative scenario implies a breakout of the session high of 1.3420 (July 14 low) and there may be an increase to 1.3490 (July 16 high)