The British Pound started a steady increase above the 1.3700 resistance zone against the US Dollar. The GBP/USD pair even climbed above the 1.3745 resistance to move further into a positive zone.
The pair is now trading above the 1.3800 level and it is well above the 50 hourly simple moving average. There is also a rising channel forming with support near the 1.3800 on the hourly chart.
If there is a downside break below the channel support, the pair could correct lower towards the 1.3785 support. There is also a bullish trend line on the same chart at 1.3785 on FXOpen, below which the pair could test the 1.3750 level.
Conversely, the pair is likely to continue higher above the 1.3825 and 1.3840 levels. The next major resistance on the upside is near the 1.3880 level.
