The British Pound is facing a strong resistance near the 1.3620 and 1.3640 levels against the US Dollar. Recently, the GBP/USD pair declined and traded below the 1.3550 level.
It traded as low as 1.3486 and currently correcting higher. There was a move above the 1.3520 and the 50 hourly simple moving average. An immediate resistance is near the 1.3545 level. Besides, there is a key bearish trend line forming with resistance near 1.3545 on the hourly chart.
The next key resistance is near the 1.3565 level. Any more gains might push the pair towards the 1.3600 level, where the bears could take a stand in the near term.
An initial support on the downside is near 1.3535 on FXOpen. The main support is forming near the 1.3520 level. A break below the 1.3520 support could even push the pair below the 1.3500 support.
