The British Pound followed a bullish path above the 1.3350 resistance against the US Dollar. The GBP/USD even broke the 1.3420 resistance level to move further into a bullish zone.
The pair traded as high as 1.3481 and settled well above the 50 hourly simple moving average. It is currently correcting lower below the 1.3450 level on FXOpen. There was a break below the 1.3420 support, and a connecting bullish trend line on the hourly chart.
An initial support is near the 1.3380 or the 61.8% Fib retracement level of the upward move from the 1.3301 low to 1.3481 high. Any further losses may perhaps call for a test of 1.3300.
Conversely, the pair might start a fresh increase above the 1.3400 and 1.3420 resistance levels. The next key resistance for the bulls is near the 1.3450 level.
