The British Pound started a fresh increase from the 1.3500 zone against the US Dollar. The GBP/USD pair broke the 1.3600 resistance level to move into a positive zone.
The pair even cleared the 1.3750 resistance and the 50 hourly simple moving average. The pair traded as high as 1.3838 and it is now correcting lower. An initial support on the downside is near the 1.3780 level.
The main support is forming near the 1.3720 level. There is also a major bullish trend line forming with support at 1.3720 on the hourly chart. A break below the 1.3720 support level could even push the pair below the 1.3650 support.
An initial resistance on the upside is near the 1.3820 on FXOpen. The main resistance is now forming near the 1.3840 level. If there is a clear break above the 1.3820 and 1.384 resistance levels, the pair could climb higher towards 1.3900 or even 1.3920.
