The British Pound started a fresh decline from well above the 1.3900 level against the US Dollar. The GBP/USD pair broke the 1.3800 support zone to move further into a bearish zone.
The pair is now trading well below the 1.3780 level and the 50 hourly simple moving average. There is also a major bearish trend line forming with resistance near 1.3780 on the hourly chart. On the downside, the pair might struggle to stay above 1.3720 on FXOpen.
If there is a downside break below the 1.3720 support zone, there is a risk of more losses towards the 1.3650 and 1.3640 levels in the near term.
On the upside, the key resistance is near the 1.3780 level. The next major resistance is near the 1.3800 zone and the 50 hourly simple moving average, above which the pair could recover towards 1.3900.
