The British Pound started a fresh decline from the 1.2165 resistance against the US Dollar. The GBP/USD pair traded below the 1.2100 support zone to enter a bearish zone.
The pair even declined below 1.2000 and the 50 hourly simple moving average. A low was formed near 1.1898 and the pair is now correcting losses. It climbed above the 1.1935 resistance level.
The first major resistance sits near the 1.2000 zone. If there is a clear upside break above the 1.2000 resistance, the pair could rise steadily towards the 1.2030 level in the near term. The next major resistance sits near the 1.2050 level.
On the downside, an initial support is near 1.1920 on FXOpen. The main support is forming near the 1.1900 level. A break below the 1.1900 support could even push the pair below the 1.1850 support.