The British Pound started a fresh decline from the 1.2325 resistance against the US Dollar. The GBP/USD pair traded below the 1.2300 support zone to enter a bearish zone.
There was a break below a key bullish trend line with support near 1.2270 on the hourly chart. The pair even declined below 1.2250 and the 50 hourly simple moving average. It is now showing bearish signs below the 1.2250 level on FXOpen.
The next major resistance sits near the 1.2265 zone. If there is a clear upside break above the 1.2265 resistance, the pair could rise steadily towards the 1.2300 level in the near term. The next major resistance sits near the 1.2325 level.
On the downside, an initial support is near the 1.2230 level. The main support is forming near the 1.2200 level. A break below the 1.2200 support could even push the pair below the 1.2170 support.
