During the previous trading session, the GBP/USD exchange rate tested the Fibonacci 23.90% retracement at 1.2938.
Given that the rate is supported by the 55– and 100-hour SMAs, currently located at 1.2901 and 1.2925 , it is expected, that bulls could prevail in the market. A possible upside target is the 200-hour SMA at 1.2968.
On the other hand, if the given Fibonacci retracement holds, it is likely, that the currency pair reverses south and targets the lower boundary of the medium-term ascending channel located circa 1.2890.
