GBP/USD Forecast: The pair recovered above the 1.2900 and 1.2920 resistance levels

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The British Pound started a nice correction from the 1.2880 support area against the US Dollar. The GBP/USD pair recovered above the 1.2900 and 1.2920 resistance levels.

Moreover, the pair settled above the 1.2920 level and the 50 SMA, and there was a breakout above the major downtrend line with resistance at 1.2927 on the hourly chart.

GBP/USD Forecast: The pair recovered above the 1.2900 and 1.2920 resistance levels

The pair tested the 1.2970 area and is currently showing a lot of positive signs. If the rally continues, the next stop could be at 1.3000. Any other gains could lead to a strong rally.

In the opposite direction, the GBP/USD may fail to continue above 1.2970 or 1.3000 and start a new decline. Initial support is near 1.2920.

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