The British Pound started a downward move from the 1.2100 zone against the US Dollar. The GBP/USD pair declined below 1.2020 to move into a short-term bearish zone.
The pair even settled below the 1.2000 level and the 50 hourly simple moving average. It is now consolidating near the 1.1990 level on FXOpen, with an immediate resistance at 1.2020.
The first major resistance is near the 1.2040 level and the 50 hourly simple moving average. If there is a clear upside break above the 1.2040 resistance, the pair could rise steadily towards the 1.2080 level in the near term. The next major resistance sits near the 1.2120 level.
On the downside, the first major support is near the 1.1980 level. The main support is forming near the 1.1955 level. A break below the 1.1955 support could push the pair towards the 1.1900 support.