The British Pound started a fresh decline from the 1.2550 resistance against the US Dollar. The GBP/USD pair traded below the 1.2420 support zone to enter a bearish zone.
The pair even declined below 1.2200 and the 50 hourly simple moving average. It is now showing bearish signs below a bearish trend line with resistance near 1.2050 on the hourly chart.
The next major resistance sits near the 1.2120 and the 50 hourly simple moving average. If there is a clear upside break above the 1.2120 resistance, the pair could rise steadily towards the 1.2200 level in the near term. The next major resistance sits near the 1.2250 level on FXOpen.
On the downside, an initial support is near the 1.2000 level. The main support is forming near the 1.1950 level. A break below the 1.1950 support could even push the pair below the 1.1880 support.
