GBP/USD declines and tests MA (200) H1

Today, the GBP/USD pair is mainly declining from 1.3015 to 1.2940, having reached a new 4-month high since the start of trading. The pair on the hourly chart shows signs of weakening of the uptrend after reaching a local maximum around 1.3015. The price dropped to the MA (200) H1 moving average line (1.2955), which acts as a dynamic support. In case of a breakdown of the 1.2910 level, a further decline to 1.2860 is possible. The MACD indicator shows an increase in the bearish momentum, which confirms the likelihood of a corrective downward movement. However, if the price holds above 1.2910 and bounces back, it is possible to resume growth with a target of 1.3015. The overall trend remains bullish, but a correction remains likely in the short term.

Resistance levels are: 1.3015, 1.3050, 1.3080

Support levels are: 1.2910, 1.2860, 1.2770

The main scenario for the pair's advance suggests an increase to the session high of 1.3015 and beyond that, maybe to 1.3050 (Nov 5 high)

An alternative scenario implies a breakout of the support 1.2910 (March 14 low) and a possible decline to 1.2860 (March 10 low)