The British Pound faced sellers near the 1.3500 resistance zone against the US Dollar. The GBP/USD pair started a fresh decline below the 1.3420 support zone.
The pair even traded below the 1.3400 level and the 50 hourly simple moving average. The pair traded as low as 1.3347 and is currently consolidating losses. An initial support on the downside is near the 1.3350 level.
The main support is forming near the 1.3320 level. A break below the 1.3320 support level could even push the pair below the 1.3300 support.
An initial resistance on the upside is near the 1.3385 on FXOpen. There is also a key bearish trend line forming with resistance near 1.3390 on the hourly chart. The main resistance is now forming near the 1.3400 level. If there is a clear break above the 1.3390 and 1.3400 resistance levels, the pair could climb higher towards 1.3450 or even 1.3500.
