GBP/USD is testing MA (200) H1

Today, the hourly chart of the GBP/USD currency pair shows a flat movement in the range between the levels of 1.2900-40. The pair remains under pressure after an unsuccessful attempt to break through the 1.2940 resistance and a subsequent pullback below the MA (200) H1 moving average line (1.2935). The current dynamics indicates the weakness of buyers, as the price could not stay above the key level and is testing the 1.2900 support again. If this level is breached, the quote may decline to 1.2885, and then to 1.2870. The MACD indicator shows a slowdown in the upward momentum, which may indicate a further decline in the pair. To restore the bullish scenario, GBP/USD needs to gain a foothold above 1.2940, which will open the way to 1.2970 and further to 1.2990.

Resistance levels are: 1.2940, 1.2970-90, 1.3015

Support levels are: 1.2900, 1.2885, 1.2860-70

The main scenario for the pair's advance suggests a breakout of the session high of 1.2940 and there may be a pct to the area of 1.2970-90 (March 27 and 31 highs)

An alternative scenario implies a breakout of the session low of 1.2900, a decline to 1.2885 (March 31 low) and then, maybe, to 1.2860-70 (March 10 and 26-27 lows)