The British Pound started a fresh increase from the 1.1220 support zone against the US Dollar. The GBP/USD pair gained pace for a move above the 1.1350 resistance zone.
The pair even settled above the 1.1400 level and the 50 hourly simple moving average. It is now consolidating near the 1.1475 level, with an immediate resistance at 1.1500.
If there is a clear upside break above the 1.1500 resistance, the pair could rise steadily towards the 1.1550 level in the near term. The next major resistance sits near 1.1680 on FXOpen.
On the downside, the first major support is near the 1.1410 level. The main support is forming near the 1.1385 level and the 50 hourly simple moving average. A break below the 1.1385 support could even push the pair below the 1.1350 support.
