The British Pound is facing an uphill task near the 1.4200 resistance zone against the US Dollar. Recently, the GBP/USD pair corrected lower below the 1.4150 level.
The pair even declined below the 1.4125 level and the 50 hourly simple moving average. However, it remained well bid above 1.4100. A low is formed near 1.4115 and the pair is now moving higher.
An initial resistance is near the 1.4165 level. It is near the 61.8% Fib retracement level of the recent decline from the 1.4210 high to 1.4115 low. The main resistance is near the 1.4200 zone. A clear break above the 1.4200 level could open the doors for a steady increase towards 1.4250 on FXOpen.
On the downside, there is a major support forming near the 1.4100 level. If there is a downside break below 1.4100, the pair could decline towards the 1.4000 support in the near term.
