The British Pound struggled to clear the main 1.3000 resistance zone against the US Dollar. The GBP/USD pair traded as high as 1.3007 and recently started a fresh decline.
The decline gained pace below the 1.2955 support and the 50 hourly simple moving average. There was also a break below a connecting bullish trend line with support at 1.2935 on the hourly chart.
The pair is currently showing bearish signs and it might continue to move down below 1.2880 on FXOpen. The next major support is near the 1.2850 level, below which the pair could even test the 1.2820 support level.
On the upside, there are many hurdles forming for the bulls, starting with 1.2920. The main breakout resistance is near the 1.2940 level or the 50 hourly simple moving average, above which GBP/USD could retest the 1.3000 hurdle.
