The British Pound started a fresh decline from the 1.1740 resistance zone against the US Dollar. The GBP/USD pair declined heavily below the 1.1700 and 1.1650 levels.
There was a close below the 1.1600 level and the 50 hourly simple moving average. It even spiked below the 1.1520 level and traded as low as 1.1482. The pair is now consolidating losses, with an immediate resistance near the 1.1520 level.
The first major resistance sits near the 1.1550 zone. If there is a clear upside break above the 1.1550 resistance, the pair could rise steadily towards the 1.1600 level in the near term.
On the downside, an initial support is near the 1.1500 level. The main support is forming near 1.1480 on FXOpen. A break below the 1.1480 support could even push the pair below the 1.1450 support.
