GBP/USD dropped slightly below MA (200) H1

Today, the GBP/USD pair is mainly declining from 1.2950 to 1.2885. The hourly chart shows a downward trend after an uptrend period. The price dropped slightly below the MA (200) H1 moving average line (1.2955), which confirms the bearish market sentiment. The 1.2955 level, which previously acted as support, now acts as resistance, holding back growth attempts. The nearest support level is located around 1.2860. The MACD indicator shows weak bearish dynamics, with the histogram below the zero level, which indicates the predominance of sellers. In case of consolidation below 1.2860, a further decline to 1.2770 is possible. An alternative scenario is a breakdown of 1.2955–75 and a return to growth, but this requires a strong bullish momentum.

Resistance levels are: 1.2955-75, 1.3015, 1.3050

Support levels are: 1.2860, 1.2770, 1.2680

The main scenario for the pair's advance assumes a breakout of the area 1.2955-75 (March 24-25 highs, MA (200) H1) and there may be an increase of 1.3015 (March 20 high)

An alternative scenario implies a breakout of the support 1.2860 (March 10 low) and there may be a decline to 1.2770 (March 5 low)