The British Pound started a major decline from the 1.2000 resistance zone against the US Dollar. The GBP/USD pair declined heavily below the 1.1900 and 1.1880 levels.
It traded as low as 1.1717 and recently started an upside correction. The pair climbed above a major bearish trend line with resistance near 1.1770 on the hourly chart. It is now trading above the 1.1800 level and the 50 hourly simple moving average. An immediate resistance is near the 1.1840 level.
The first major resistance sits near the 1.1880 zone. If there is a clear upside break above the 1.1880 resistance, the pair could rise steadily towards the 1.2000 level in the near term.
On the downside, an initial support is near 1.1790 on FXOpen. The main support is forming near the 1.1750 level. A break below the 1.1750 support could even push the pair below the 1.1700 support.
