The British Pound started a major surge above the 1.2245 resistance zone against the US Dollar. The GBP/USD pair broke many hurdles near 1.2300 to move into a positive zone.
The pair settled above the 1.2300 level and the 50 hourly simple moving average. It traded as high as 1.2363 on FXOpen and currently correcting lower. It is testing the 23.6% Fib retracement level of the recent rally from the 1.2167 low to 1.2362 high at 1.2315.
If there are more downsides, the pair might continue to slide towards the 1.2300 and 1.2280 support levels. The main support on the downside is near the 1.2250 level and the hourly simple moving average.
On the upside, the pair must break the 1.2320 resistance and a short term contracting triangle on the hourly chart. The next major hurdle is seen near the 1.2360 zone.
