The British Pound failed to gain strength above 1.3820 and started a fresh decline against the US Dollar. The GBP/USD pair broke the 1.3800 support to move into a short-term bearish zone.
However, the pair is stable above the 1.3750 level and the 50 hourly simple moving average. There is also a key bullish trend line forming with support near 1.3765 on the hourly chart.
The main support is forming near the 1.3760 level. A break below the 1.3760 support level could even push the pair below the 1.3750 support. The next support sits at 1.3735.
An initial resistance on the upside is near the 1.3800 on FXOpen. The main resistance is now forming near the 1.3820 level. If there is a clear break above the 1.3800 and 1.3820 resistance levels, the pair could climb higher towards 1.3880.
