The British Pound started a decent recovery wave from the 1.1820 zone against the US Dollar. The GBP/USD pair climbed above the 1.1950 resistance to move into a positive zone.
The pair even climbed above the 1.2000 barrier and the 50 hourly simple moving average. A high was formed near 1.2045 and the pair is now consolidating gains. An immediate resistance is near the 1.2040 level.
The first major resistance sits near the 1.2050 zone. If there is a clear upside break above the 1.2050 resistance, the pair could rise steadily towards the 1.2120 level in the near term.
On the downside, an initial support is near the 1.2010 level and a connecting bullish trend line on the hourly chart. The main support is forming near 1.1980 on FXOpen. A break below the 1.1980 support could even push the pair below the 1.1900 support.