The British Pound remained in a bearish zone below the 1.2880 pivot level against the US Dollar. The GBP/USD pair extended its decline below the 1.2800 support level and moved further into a bearish zone.
The decline gained pace below the 1.2780 support and the 50 hourly simple moving average. The pair traded to a new monthly low at 1.2711 on FXOpen and it is currently consolidating losses.
On the upside, there are many hurdles forming for the bulls, starting with 1.2745. The first major resistance is near a connecting bearish trend line at 1.2770 on the hourly chart.
To move into a positive zone, GBP/USD must climb back above 1.2770 and 1.2800. If not, there are chances of more downsides below the 1.2710 and 1.2700 levels. The next major support is seen near the 1.2640 level.