The British Pound remained in a bearish zone below the 1.2550 pivot level against the US Dollar. The GBP/USD pair traded below the 1.2500 support zone to move into a bearish zone.
The pair settled below the 1.2480 level and the 50 hourly simple moving average. It traded as low as 1.2405 on FXOpen and recently corrected higher. However, the pair is facing a major resistance near 1.2480 and a connecting bearish trend line on the hourly chart.
If the pair continues to stay below 1.2480, the same trend line, and the 50 hourly SMA, it is likely to continue lower in the near term. The main supports are near 1.2400 and 1.2380.
Conversely, GBP/USD might start a strong increase above the 1.2480 and 1.2500 resistance levels. The main resistance on the upside is near the 1.2500 level.
