The British Pound struggled to clear the 1.3745-1.3750 resistance zone against the US Dollar. The GBP/USD pair corrected lower and traded below the 1.3700 support.
There was also a break below the 1.3640 level and the 50 hourly simple moving average. The pair traded as low as 1.3611 on FXOpen and it is currently correcting higher. It surpassed the 1.3650 level, but it is facing a strong resistance near the 1.3685 level and the 50 hourly simple moving average.
There is also a key bearish trend line forming with resistance near 1.3685 on the hourly chart. A clear break above the trend line resistance and 1.3700 could open the doors for a fresh move towards the 1.3750 resistance.
Conversely, the pair could fail to clear the 1.3685 zone and start a fresh decline. An initial support is near the 1.3660 level, below which the pair could decline towards the 1.3620 level.
