The British Pound started an upside correction from the 1.1450 support area against the US Dollar. The GBP/USD pair climbed above the 1.1600 resistance area to start a decent upward move.
Besides, the pair settled above the 1.1720 level and the 50 hourly simple moving average. The pair is now trading near the 76.4% Fib retracement level of the recent decline from the 1.1933 high to 1.1446 low on FXOpen.
There is also a short term contracting triangle forming with resistance near 1.1830 on the hourly chart. If the pair gains pace above the triangle resistance, it could start a decent increase towards the 1.1940 and 1.1950 levels.
Conversely, the pair could correct lower below the triangle support and 1.1770. The next key support is near the 1.1720 level, below which the pair is likely to test the 1.1680 support level or the 50 hourly SMA.
