(MENAFN - FXOpen) The British Pound gained pace from the 1.2220 support area and climbed higher against the US Dollar. The GBP/USD pair broke the 1.2320 resistance area to move into a positive zone.
The pair even broke above the 1.2350 level and the 50 hourly simple moving average. However, the upward move was capped by the 1.2380 resistance area and the pair recently corrected lower to test the 1.2300 support area.
The pair is currently moving higher towards the 1.2370 resistance area and a connecting bearish trend line on the hourly chart. An upside break above the 1.2370 and 1.2380 resistance levels could open the doors for more gains.
On the downside, there is a decent support forming near the 1.2340 level and the 50 hourly SMA. The main support is near the 1.2300 level. Overall, GBP/USD remains buy on dips in the near term.