The British Pound started a downside correction after trading as high as 1.3199 against the US Dollar. The GBP/USD pair broke a few key supports near the 1.3050 level to enter a bearish zone.
Besides, the pair settled below the 1.3000 level and the 50 hourly simple moving average. Finally, the pair spiked below the 1.2900 area and it is currently correcting higher from the 1.2868 low on FXOpen.
On the upside, there is a key resistance waiting near the 1.2945 level, the 23.6% Fib retracement level of the recent decline from the 1.3199 high to 1.2868 low, and a connecting bearish trend line on the hourly chart.
Therefore, a break above the 1.2950 resistance zone is needed for a fresh increase. If not, GBP/USD might resume its decline below the 1.2900 area. The next key supports are 1.2880 and 1.2865.
