The British Pound failed to gain strength above 1.3800 and started a fresh decline against the US Dollar. The GBP/USD pair broke the 1.3720 support to move into a short-term bearish zone.
The pair also settled below the 1.3650 level and the 50 hourly simple moving average. It is now consolidating near the 1.3630 level. An immediate resistance is near the 1.3640 level.
The main resistance is now forming near the 1.3500 level. There is also a key bearish trend line forming with resistance near 1.3645 on the hourly chart. If there is a clear break above the 1.3650 resistance, the pair could climb higher towards 1.3700 on FXOpen.
An initial support is near 1.3620. The main support is forming near the 1.3600 level. A break below the 1.3600 support level could even push the pair below the 1.3565 support. The next support sits at 1.3550.
