The British Pound found support above 1.3800 and it started a fresh increase against the US Dollar. The GBP/USD pair broke the 1.3860 resistance to start the recent recovery wave.
There was also a break above a key bearish trend line at 1.3890 on the hourly chart. However, the pair is now facing resistance near the 1.3900 zone and the 50 hourly simple moving average.
On the upside, the key resistance is near the 1.3900 level. A clear break above the 1.3900 level could open the doors for a steady increase towards the 1.3960 and 1.4000 levels.
Conversely, there is a risk of a fresh decline from 1.3900 on FXOpen. The key support is forming near the 1.3860 level. If the GBP/USD pair fails to stay above the 1.3860 support, it could resume its decline towards the 1.3800 and 1.3780 levels.
