On the hourly chart of GBP/USD at FXOpen, the pair seems to be struggling near the 1.2440 resistance zone. The British Pound is moving lower below the 1.2410 level against the US Dollar.
It tested the 1.2380 support and stayed above the 50-hour simple moving average. To start a fresh increase, the pair must clear and settle above the 1.2410 resistance zone.
The first major resistance is near the 1.2440 level. If there is a clear upside break above the 1.2440 resistance, the pair could rise toward the 1.2480 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 1.2380 level. The main support is forming near the 1.2340 level. A break below the 1.2340 support could send the pair toward 1.2310 or even 1.2250.
