On the hourly chart of GBP/USD at FXOpen, the pair started a fresh increase from the 1.2500 zone. The British Pound was able to clear the 1.2540 resistance against the US Dollar.
It settled above the 1.2590 level and the 50-hour simple moving average. It is now consolidating gains below the 1.2625 resistance. Immediate support is near a connecting bullish trend at 1.2590.
The first major support is near the 1.2540 level. The main support is forming near the 1.2500 level, below which GBP/USD might move lower toward the 1.2440 support.
On the upside, the first major resistance is near the 1.2625 level. If there is a clear upside break above the 1.2625 resistance, the pair could rise toward the 1.2680 level in the near term. The next major resistance sits near the 1.2750 level.
