The British Pound started a decent increase from the 1.4100 support zone against the US Dollar. The GBP/USD pair climbed above 1.4120 to move into a positive zone.
There was also a break above a connecting bearish trend line with resistance near 1.4155 on the hourly chart. The pair is now trading above the 1.4155 level and the 50 hourly simple moving average.
An initial resistance is near the 1.4175 level. It is near the 76.4% Fib retracement level of the recent decline from the 1.4190 high to 1.4120 low. The main resistance is near the 1.4190 zone. A clear break above 1.4190 and 1.4200 level could open the doors for a sharp increase towards 1.4250 on FXOpen.
On the downside, there is a major support forming near the 1.4120 level. If there is a downside break below 1.4135, the pair could revisit the 1.4100 support.
