The British Pound attempted an upside break above the 1.3925 resistance against the US Dollar, but it failed. The GBP/USD pair traded as high as 1.3923 before it started a fresh decline.
There was a break below the 1.3900 support level and the 50 hourly simple moving average. The pair is also trading below the 1.3885 level and it is showing a few bearish signs.
On the downside, there is a major bullish trend line forming with support near 1.3870 on the hourly chart. If there is a downside break below the trend line, the pair could dive towards the 1.3820 support.
On the upside, an immediate resistance is near the 1.3900 level and the 50 hourly SMA. The main resistance is near the 1.3920 and 1.3925 levels. A clear break above the 1.3925 level could open the doors for a steady increase towards 1.3980 on FXOpen.
