The British Pound started a decent increase above the 1.2000 resistance zone against the US Dollar. The GBP/USD pair climbed above the 1.2050 level to start a recovery wave.
There was a close above the 1.2080 level and the 50 hourly simple moving average. It is now consolidating gains and trading near the 1.2110 zone. An immediate resistance is near the 1.2135 level.
The first major resistance is near the 1.2150 level. If there is a clear upside break above the 1.2150 resistance, the pair could rise steadily towards the 1.2200 level in the near term. The next major resistance sits near 1.2220 on FXOpen.
On the downside, the first major support is near the 1.2080 level. The main support is forming near the 1.2040 level and a connecting bullish trend line on the hourly chart. A break below the 1.2040 support could push the pair towards the 1.2000 support.
