The British Pound started a fresh increase from the 1.1600 support zone against the US Dollar. The GBP/USD pair gained pace for a move above the 1.1800 resistance zone.
The pair even settled above the 1.1840 level and the 50 hourly simple moving average. It is now consolidating near the 1.1850 level, with an immediate resistance at 1.1880 on FXOpen.
If there is a clear upside break above the 1.1880 resistance, the pair could rise steadily towards the 1.1940 level in the near term. The next major resistance sits near the 1.2000 level.
On the downside, the first major support is near the 1.1840 level. The main support is forming near the 1.1825 level, a connecting trend line on the hourly chart, and the 50 hourly simple moving average. A break below the 1.1825 support could even push the pair below the 1.1800 support.
