The British Pound started a short-term recovery wave from the 1.2000 support zone against the US Dollar. The GBP/USD pair climbed above the 1.2050 resistance.
The pair even climbed above a major bearish trend line with resistance near 1.2055 on the hourly chart. It is now trading above the 1.2080 level and the 50 hourly simple moving average. An immediate resistance is near the 1.2110 level.
The first major resistance sits near the 1.2140 zone. If there is a clear upside break above the 1.2140 resistance, the pair could rise steadily towards the 1.2200 level in the near term.
On the downside, an initial support is near 1.2080 on FXOpen. The main support is forming near the 1.2055 level. A break below the 1.2055 support could even push the pair below the 1.2000 support.
