The British Pound started a fresh increase from the 1.1000 zone against the US Dollar. The GBP/USD pair was able to climb above the 1.1100 and 1.1200 resistance levels.
There was a close above the 1.1250 level and the 50 hourly simple moving average. It even spiked above the 1.1400 level and traded as low as 1.1489. The pair is now correcting gains, with an immediate support near the 1.1420 level.
On the downside, an initial support is near the 1.1420 level and a connecting bullish trend line. The main support is forming near 1.1280 on FXOpen. A break below the 1.1280 support could even push the pair below the 1.1220 support.
On the upside, the first major resistance sits near the 1.1480 zone. If there is a clear upside break above the 1.1480 resistance, the pair could rise steadily towards the 1.1550 level in the near term.
