The British Pound struggled to gain momentum above the 1.3120 resistance zone against the US Dollar. The GBP/USD pair started a fresh decline and tumbled below the 1.3020 support.
However, the pair remained well bid above the 1.2940 zone and the 50 hourly simple moving average. There is also a key bullish trend line forming with support near 1.2970 on the hourly chart.
As long as the pair is above the trend line and 1.2940 on FXOpen, it could resume its upward move. On the upside, it is facing a minor hurdle near the 1.3000 and 1.3020 levels, above which the pair could climb higher nicely towards the 1.3080 level.
Conversely, the pair could break the trend line support and continue lower. The next key support is near the 1.2920 level, below which there are chances of more losses below 1.2900.
