The GBP/USD was expecting a fundamental data release during the morning hours. The data did not cause a significant impact.
In regards the near future, most likely the rate will surge upwards due to a strong support of the simple moving averages. The rate will pass the 61.80% Fibo to move closer to the weekly R1 at the 1.3040 mark, which is almost 100 base points away from the rate.
On the other hand, the British pound may use the resistance of the 61.80% Fibo to retrace back to the 1.29 mark.
