The British Pound started a decent recovery wave from the 1.3800 zone against the US Dollar. The GBP/USD pair climbed above 1.3850 to move into a short-term positive zone.
The pair even broke the 1.3920 resistance and the 50 hourly simple moving average. However, the pair struggled to continue higher towards the 1.4000 level and it recently corrected gains.
On the downside, there is a major support forming near the 1.3910 level. There is also a key bullish trend line in place with support near 1.3910 on the hourly chart. If there is a downside break below the trend line, the pair could revisit the 1.3850 support.
An initial resistance is near the 1.3950 level. The main resistance is near the 1.3960 zone. A clear break above 1.3950 and 1.3960 could open the doors for an increase to 1.4000 on FXOpen.
Written by Admin
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