The British Pound started a fresh decline from the 1.2650 resistance against the US Dollar. The GBP/USD pair traded below the 1.2620 support zone to enter a short-term bearish zone.
The pair even declined below 1.2600 and the 50 hourly simple moving average. It is now showing bearish signs below a bearish trend line with resistance near 1.2605 on the hourly chart.
The next major resistance sits near the 1.2620 and the 50 hourly simple moving average. If there is a clear upside break above the 1.2620 resistance, the pair could rise steadily towards the 1.2650 level in the near term. The next major resistance sits near the 1.2720 level.
On the downside, an initial support is near 1.2565 on FXOpen. The main support is forming near the 1.2550 level. A break below the 1.2550 support could even push the pair below the 1.2500 support.
