The British Pound started a fresh decline after it failed to surpass 1.3880 against the US Dollar. The GBP/USD pair traded below the 1.3850 support level to move into a bearish zone.
The pair even broke the 1.3800 support and the 50 hourly simple moving average. It traded as low as 1.2725 and it is now correcting higher. An immediate resistance is near the 1.3760 level. There is also a major bearish trend line with resistance near 1.3760 on the hourly chart.
If there is a clear break above the 1.3750 and 1.3760 resistance levels, the pair could start a decent recovery towards the 1.3800 resistance.
On the downside, an initial support on FXOpen is near the 1.3735 level. The main support is forming near the 1.3725 level. If there is a downside break the 1.3725 support, the pair could decline towards 1.3650.
