Yesterday, the GBP/USD exchange rate skyrocketed to the 1.2520 level and reversed south to the 1.2470 mark.
Note, that the rate is squeezed by the 55-hour moving average and the weekly PP, located at 1.2463 and 1.2492 respectively. Thus, the currency pair could trade sideways in the short term.
Also, note, that during today’s morning, the pair was pressured by the 100– and 200-hour SMAs at 1.2477. Thus, if the given support does not hold, the British Pound could depreciate against the US Dollar. A possible downside target is the 1.2420/1.2440 range
