During Tuesday, the GBP/USD exchange rate tried to breach the support level formed by the Fibonacci 0.00% retracement and the weekly S1 at 1.2442. During today’s morning, the rate jumped to the 1.2480 level.
Given, that the currency pair is pressured by the 55-hour moving average, currently located at 1.2491, it is expected, that the pair could trade sideways between the given support and resistance levels.
However, if the given resistance does not hold, it is likely, that the rate could extend gains. In this case, a possible upside target is the 100-hour moving average, currently located at the 1.2521 mark.
