On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2540 zone. The British Pound declined heavily below the 1.2450 level against the US Dollar.
Finally, it tested the 1.2350 support and recently started an upside correction. There was a move above the 50-hour simple moving average and 1.2400. The pair is now facing resistance near the 50% Fib retracement level the downward move from the 1.2540 swing high to the 1.2350 low at 1.2450.
If there is a clear upside break above the 1.2450 resistance, the pair could rise steadily toward the 1.2540 level in the near term. The next major resistance sits near the 1.2600 level.
On the downside, the first major support is near the 1.2400 level. The main support is forming near the 1.2350 level. A break below the 1.2350 support could push the pair toward the 1.2300 support.
