The British Pound gained bullish momentum above the 1.3000 pivot level against the US Dollar. The GBP/USD pair broke the 1.3120 resistance level to move further into a bullish zone.
Finally, the pair was able to clear the 1.3200 barrier and settled well above the 50 hourly simple moving average. A high is formed near 1.3264 on FXOpen and the pair is currently correcting lower.
An initial support is near the 1.3220 or the 23.6% Fib retracement level of the recent rise from the 1.3074 low to 1.3264 high. There is also a major bullish trend line forming with support near 1.3185 on the hourly chart.
On the upside, the pair is facing hurdles near the 1.3250 level. The main resistance is near the 1.3280 level, above which the pair might continue to rise towards the 1.3320 and 1.3350 levels.
