On Tuesday, the GBP/USD exchange rate traded sideways around the psychological level at 1.2450. During today’s morning, the rate was still consolidating at the given level.
From a technical perspective, it is unlikely, that the currency pair could extend gains due to the resistance cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2462/1.2492 range.
If the given resistance holds, it is expected, that the rate could reverse south and target the support level formed by the weekly S1 and the Fibo 0.00% circa 1.2400. Otherwise, the pair could maintain its consolidation.
