The British Pound started a fresh decline from well above 1.3800 against the US Dollar. The GBP/USD pair even traded below the 1.3720 level to move into a bearish zone.
A low was formed near 1.3640 and the pair settled below the 50 hourly simple moving average. Recently, there was a minor recovery wave above 1.3660. There was a break above a key bearish trend line at 1.3665 on the hourly chart.
However, the pair is struggling to clear the 1.3680 resistance and the 50 hourly simple moving average. If there is a clear break above the 1.3680 and 1.3700 resistance levels, the pair could rise towards the 1.3750 level.
On the downside, an initial support is near the 1.3640 level. A break below the 1.3645 and 1.3640 support levels could lead the pair towards 1.3600 on FXOpen.
