The British Pound started a fresh decline from the 1.1440 resistance zone against the US Dollar. The GBP/USD pair declined below the 1.1300 support.
It traded as low as 1.1255 and is currently rising. There was a move above the 1.1300 level and the pair settled above the 50 hourly simple moving average. It is now consolidating near the 1.1340 level, with an immediate resistance at 1.1350 on FXOpen.
If there is a clear upside break above the 1.1350 resistance, the pair could rise steadily towards the 1.1400 level in the near term. The next major resistance sits near the 1.1450 level.
On the downside, the first major support is near the 1.1310 level. The main support is forming near the 1.1300 level and a connecting bullish trend line on the hourly chart. A break below the 1.1300 support could even push the pair below the 1.1250 support.
