The British Pound started a fresh decline from the 1.3600 resistance zone against the US Dollar. The GBP/USD pair traded below the 1.3500 level to move into a short-term bearish zone.
It traded as low as 1.3426 and settled well below the 50 hourly simple moving average. It is now correcting losses and trading above 1.3480. There was a break above a key bearish trend line with resistance near 1.3500 on the hourly chart.
On the upside, the pair is now facing resistance near the 1.3520 zone. The next key resistance is near the 1.3550 level. Any more gains might push the pair towards the 1.3600 level.
An initial support on the downside is near the 1.3495 level. The main support is forming near 1.3480 on FXOpen. A break below the 1.3480 support level could even push the pair below the 1.3450 support.
