The British Pound started a fresh decline from the 1.2500 resistance against the US Dollar. The GBP/USD pair traded below the 1.2320 support zone, but the bulls appeared near 1.2295 on FXOpen.
A low was formed near 1.2292 and the pair is now correcting higher. It traded above the 1.2320 level and the 50 hourly simple moving average. Besides, there was a move above a bearish trend line at 1.2325 on the hourly chart.
The pair is now facing resistance near the 1.2350 level. If there is a clear upside break above the 1.2350 resistance, the pair could rise steadily towards the 1.2400 level in the near term. The next major resistance sits near the 1.2450 level.
On the downside, an initial support is near the 1.2320 level. The main support is forming near the 1.2300 level. A break below the 1.2300 support could even push the pair below the 1.2280 support.