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GBP/USD Pair Started A Fresh Decline From The 1.3912 High

The British Pound spiked above the 1.3900 zone against the US Dollar. However, the GBP/USD pair struggled to extend gains and started a fresh decline from the 1.3912 high.

It traded below the 1.3900 and 1.3880 support levels. There was also a break below a key bullish trend line with support near 1.3855 on the hourly chart. Finally, there was a close below the 1.3820 level and the 50 hourly simple moving average.

It is now consolidating near 1.3800 and it is facing resistance near 1.3820. The next key resistance is near the 1.3840 level and the 50 hourly simple moving average. If there is a clear break above the 1.3840 and 1.3850 resistance levels, the pair could revisit 1.3900 on FXOpen.

On the downside, an initial support is near the 1.3800 level. A break below the 1.3800 and 1.3785 support levels could lead the pair towards 1.3700.