The British Pound started a strong increase from the 1.3280 support zone against the US Dollar. The GBP/USD pair broke the 1.3350 and 1.3380 resistance levels to move into a positive zone.
There was also a close above the 1.3400 barrier and the 50 hourly simple moving average. The pair traded as high as 1.3440 on FXOpen before starting a short-term downside correction. It seems like there is a contracting triangle forming with resistance near 1.3425 on the hourly chart.
If there is a clear break above the triangle resistance, the pair might continue to rise above 1.3440. The next resistance is near the 1.3450 level, above which the pair could test 1.3485.
Conversely, the pair could break the triangle support and start a fresh decline towards the 1.3400 level. The next key support is near the 1.3380 level.
