On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline below the 1.2880 pivot level. The British Pound traded below the 1.2800 level to move into a bearish zone against the US Dollar.
The pair settled below the 50-hour simple moving average and tested the 1.2740 zone. It is now facing hurdles near a connecting bearish trend line at 1.2800 and the 50-hour simple moving average. If there is a clear upside break above 1.2800, the pair could rise toward the 1.2880 level in the near term.
The next key resistance sits near the 1.2900 level, above which the GBP/USD pair might gain bullish momentum and revisit the 1.3000 zone.
On the downside, the first major support is near the 1.2740 zone, below which the pair could decline toward 1.2700. The next stop for the bears may perhaps be near the 1.2650 level.
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