GBP/USD Pair Moved Into A Bearish Zone From 1.3900

Technical analysis of Forex market

The British Pound started a fresh decline after it failed to surpass 1.4000 against the US Dollar. The GBP/USD pair traded below the 1.3900 support level to move into a bearish zone.

The pair even broke the 1.3850 support and the 50 hourly simple moving average. It is now consolidating above the 1.3820 zone. An immediate resistance is near the 1.3840 level. There is also a major bearish trend line with resistance near 1.3840 on the hourly chart.

If there is a clear break above the 1.3840 and 1.3850 resistance levels, the pair could start a decent recovery towards the 1.3900 resistance.

On the downside, an initial support is near the 1.3820 level. The main support is forming near the 1.3800 level. If there is a downside break the 1.3800 support, the pair could decline towards 1.3750 on FXOpen.