On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2500 zone. The British Pound declined heavily below the 1.2470 level against the US Dollar.
Finally, it tested the 1.2390 support and recently started an upside correction. The pair is now facing resistance near a connecting bearish trend line at 1.2425. The next major resistance is near the 50% Fib retracement level the downward move from the 1.2507 swing high to the 1.2386 low at 1.2440 and the 50-hour simple moving average.
If there is a clear upside break above the 1.2440 resistance, the pair could rise steadily toward the 1.2470 level in the near term. The next major resistance sits near the 1.2500 level.
On the downside, the first major support is near the 1.2390 level. The main support is forming near the 1.2365 level. A break below the 1.2365 support could push the pair toward the 1.2320 support.
