The British Pound started a strong increase from the 1.2100 support zone against the US Dollar. The GBP/USD pair broke the main 1.2180 resistance area to move into a positive zone.
The pair settled above the 1.2200 pivot level and the 50 hourly simple moving average. It traded as high as 1.2296 on FXOpen and recently corrected lower. However, the decline was protected by the 1.2240 zone (the recent breakout zone).
Besides, it seems like there is an ascending channel forming with support near the 1.2250 level on the hourly chart. The next major support is near the 1.2210 level and the 50 hourly simple moving average.
On the upside, the pair is facing hurdles near the 1.2290 and 1.2300 levels. If there is a clear break above the 1.2300 barrier, the pair could rise steadily towards the 1.2350 level.
