The British Pound started a decent upward move from the 1.2250 support area against the US Dollar. The GBP/USD pair broke the 1.2320 resistance level to move into a short term positive zone.
The pair even surpassed the 1.2350 resistance and settled well above 50 hourly simple moving average. A high is formed near 1.2401 and the pair is currently correcting lower.
An initial support is near the 1.2350 level on FXOpen. The main support is now forming near the 1.2330 level and the 50 hourly SMA. It is close to the 50% Fib retracement level of the recent wave from the 1.2257 low to 1.2401 high.
On the upside, the pair might struggle to clear the 1.2400 resistance. If the bulls succeed, the pair could rise steadily above the 1.2420 and 1.2440 resistance levels in the near term.