The British Pound started a fresh decline from the 1.3220 resistance against the US Dollar. The GBP/USD pair traded below the 1.3150 support zone to move into a bearish zone.
It even traded below the 1.3100 level and the 50 hourly simple moving average. The pair traded as low as 1.3059 and is currently correcting higher. An initial resistance on the upside is near the 1.3135 level and a bearish trend line on the hourly chart.
If there is a clear upside break above the trend line, the pair could rise steadily towards the 1.3200 level in the near term. The next major resistance sits near 1.3250 on FXOpen.
On the downside, an initial support is near the 1.3080 level. The main support is forming near the 1.3050 level. A break below the 1.3050 support could even push the pair below the 1.3000 support.
