The British Pound started a fresh decline from well above 1.3700 against the US Dollar. The GBP/USD pair broke the key 1.3660 support to move into a bearish zone.
It even traded below the 1.3600 level and settled below the 50 hourly simple moving average. A low was formed near 1.3520 and the pair is now consolidating losses. An initial resistance on the upside is near the 1.3560 on FXOpen.
The main resistance is now forming near the 1.3620 level. It is near the 50% Fib retracement level of the downward move from the 1.3717 swing high to 1.3520 low. If there is a clear break above the 1.3600 and 1.3620 resistance levels, the pair could rise towards the 1.3700 level.
On the downside, an initial support is near the 1.3530 level. A break below the 1.3530 and 1.3520 support levels could lead the pair towards 1.3460.
