The British Pound started a decent increase above the 1.2000 resistance zone against the US Dollar. The GBP/USD pair climbed above the 1.2080 level and moved into a short-term positive zone.
The pair traded as high as 1.2142 before it corrected lower. It is now trading above the 1.2000 level and the 50 hourly simple moving average. An immediate resistance is near the 1.2060 level.
The first major resistance is near the 1.2075 level. If there is a clear upside break above the 1.2075 resistance, the pair could rise steadily towards the 1.2120 level in the near term. The next major resistance sits near 1.2150 on FXOpen.
On the downside, the first major support is near the 1.2020 level and a connecting bullish trend line on the hourly chart. The main support is forming near the 1.2000 level. A break below the 1.2000 support could push the pair towards the 1.1940 support.
