The British Pound started a strong increase above the 1.4000 resistance zone against the US Dollar. The GBP/USD pair even climbed above the 1.4100 resistance to move further into a positive zone.
There was also a break above a key rising channel with resistance near 1.4150 on the hourly chart. The pair surged towards the 1.4250 level and it is well above the 50 hourly simple moving average.
A high is formed near 1.4237 and the pair is currently correcting lower. It is trading below 1.4200, but the broken channel resistance is likely to act as a support near 1.4150 on FXOpen. The next major support is near the 1.4120.
On the upside, the pair is facing resistance near 1.4200. A close above the 1.4200 level may possibly start a steady increase towards the 1.4250 level in the near term.
