On the hourly chart of GBP/USD at FXOpen, the pair started a fresh decline from the 1.2580 zone. The British Pound declined steadily below the 1.2500 level against the US Dollar.
It tested the 1.2440 support and recently started an upside correction. The pair is now facing resistance near a key bearish trend line at 1.2500 and the 50-hour simple moving average. It is also close to the 50% Fib retracement level the downward move from the 1.2583 swing high to the 1.2435 low.
If there is a clear upside break above the 1.2500 resistance, the pair could rise steadily toward the 1.2550 level in the near term. The next major resistance sits near the 1.2580 level.
On the downside, the first major support is near the 1.2470 level. The main support is forming near the 1.2440 level. A break below the 1.2440 support could push the pair toward the 1.2350 support.
