On the hourly chart of GBP/USD at FXOpen, the pair found support near the 1.2680 zone. The British Pound started a decent increase above 1.2720 against the US Dollar.
The pair settled above the 50-hour simple moving average. It is now facing resistance near the 1.2765 zone. The first major resistance is near the 1.2800 zone. If there is a clear upside break above 1.2800, the pair could rise toward the 1.2840 level in the near term.
The next key resistance sits near the 1.2880 level, above which the GBP/USD pair might gain bullish momentum and revisit the 1.2950 zone.
On the downside, the first major support is near the 1.2720 zone, below which the pair could decline toward 1.2680. The next stop for the bears may perhaps be near the 1.2620 level.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
