The British Pound started a fresh increase from the 1.2180 zone against the US Dollar. The GBP/USD pair gained pace for a move above the 1.2220 level.
The pair even cleared a major bearish trend line with resistance near 1.2220 on the hourly chart. It is now consolidating near the 1.2220 zone the 50 hourly simple moving average. An immediate resistance is near the 1.2230 level.
The first major resistance is near the 1.2245 level. If there is a clear upside break above the 1.2245 resistance, the pair could rise steadily towards the 1.2280 level in the near term. The next major resistance sits near the 1.2320 level.
On the downside, the first major support is near 1.2200 on FXOpen. The main support is forming near the 1.2180 level. A break below the 1.2180 support could push the pair towards the 1.2140 support.
