The British Pound started a strong increase above the 1.2600 resistance zone against the US Dollar. The GBP/USD pair even broke the 1.2650 level to move further into a positive zone.
The pair climbed above the 1.2700 resistance and settled above the 50 hourly simple moving average. It is currently trading near the 1.2745 resistance on FXOpen, which is preventing an upside break along with a bearish trend line on the hourly chart.
To continue higher, the pair must settle above the 1.2745 and 1.2750 resistance levels. Conversely, there could be a downside correction below 1.2720.
An initial support is near the 1.2700 level or the 50 hourly simple moving average. The main support is seen near the 1.2680 level or the 50% Fib retracement level of the recent wave from the 1.2818 low to 1.2745 high.