GBP/USD Pair Started A Fresh Decline And Traded Below 1.3020

Technical analysis of Forex market

The British Pound struggled to gain momentum above the 1.3075 resistance zone against the US Dollar. The GBP/USD pair started a fresh decline and traded below the 1.3020 support.

The decline gained pace below the 1.3000 support, the 50 hourly simple moving average, and a bullish trend line on the hourly chart. It even broke the 1.2950 support and traded as low as 1.2920 on FXOpen.

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The pair is currently consolidating losses above the 1.2920 level. On the upside, it is facing a minor hurdle near the 1.2945 level, above which the pair could start a recovery wave towards the 1.2980 and 1.3000 levels.

Conversely, the pair could break the 1.2920 low and continue to move down. The next key support is near the 1.2900 level, below which the bears are likely to aim a test of the 1.2860 support level.