The British Pound remained well bid above the 1.2440 level and started a fresh increase against the US Dollar. The GBP/USD pair broke the 1.2500 resistance level to move into a positive zone.
The pair even surpassed the 1.2550 resistance and settled well above 50 hourly simple moving average. A high is formed near 1.2592 on FXOpen and the pair is currently correcting lower.
There was a break below the 1.2560 level, but the pair is holding the 1.2535 level. There is also a key bullish trend line forming with support near 1.2540 on the hourly SMA.
If there is a break below the trend line, the pair could test the 1.2500 support zone or the 50 hourly SMA. On the upside, the pair is facing hurdles near the 1.2560 level, above which the bulls are likely to aim a test of the 1.2600 level.