The British Pound started a fresh increase from the 1.3425 zone against the US Dollar. The GBP/USD pair broke the 1.3525 resistance level to move into a short-term positive zone.
However, the pair struggled to clear the 1.3650 resistance and it remained below the 50 hourly simple moving average. The pair traded as high as 1.3671 and it is now correcting lower. There was a break below a major bullish trend line at 1.3615 on the hourly chart.
On the downside, an initial support is near the 1.3575 level. A break below the 1.3575 support level could even push the pair below the 1.3550 support.
An initial resistance on the upside is near the 1.3625 on FXOpen. The main resistance is now forming near the 1.3650 level. If there is a clear break above the 1.3625 and 1.3650 resistance levels, the pair could climb higher towards 1.3700 or even 1.3750.
