GBP/USD remains below MA (200) H1

On the hourly chart, the GBP/USD pair has been in a pronounced downward trend since the beginning of July, which is confirmed by the price's location well below the MA (200) H1 moving average, which is also directed downward. The price broke through several key support levels and reached new lows. There is currently a corrective growth and the price is trying to bounce off recent lows, approaching the resistance level around 1.3470. The MACD indicator at the bottom of the chart shows that the histogram has moved into the green zone and is growing, and the signal line has crossed the zero line from the bottom up, indicating the formation of an upward momentum. The current movement is probably a correction within a larger downtrend.

Resistance levels are: 1.3490, 1.3525, 1.3590

Support levels are: 1.3410, 1.3365, 1.3335

The main scenario for the pair's advance suggests a breakout of the session low of 1.3410 and a possible decline to 1.3365 (July 16 low) 

An alternative scenario implies a breakout of the resistance at 1.3490 (July 16 high) and an increase towards 1.3525 (July 8 low).