The British Pound started a downside correction from the 1.2350 zone against the US Dollar. The GBP/USD pair declined below 1.2300 to move into a short-term bearish zone.
The pair even settled below the 1.2220 level and the 50 hourly simple moving average. It is now consolidating near the 1.2130 level, with an immediate resistance at 1.2150 on FXOpen.
The main hurdle is near the 1.2180 level and a connecting bearish trend line on the hourly chart. If there is a clear upside break above the 1.2180 resistance, the pair could rise steadily towards the 1.2220 level in the near term. The next major resistance sits near the 1.2300 level.
On the downside, the first major support is near the 1.2120 level. The main support is forming near the 1.2100 level. A break below the 1.2100 support could push the pair towards the 1.2000 support.
