On the hourly chart of GBP/USD at FXOpen, the pair started a recovery wave from the 1.2370 zone. The British Pound is now trading above the 1.2400 pivot level against the US Dollar.
It tested the 1.2440 resistance and stayed above the 50-hour simple moving average. To start a fresh increase, the pair must clear and settle above the 1.2440 resistance zone.
The first major resistance is near the 1.2460 level. If there is a clear upside break above the 1.2460 resistance, the pair could rise toward the 1.2500 level in the near term. The next major resistance sits near the 1.2540 level.
On the downside, the first major support is near the 1.2400 level. The main support is forming near the 1.2370 level, below which GBP/USD might accelerate lower toward the 1.2320 support.
