Yesterday, the GBP/USD exchange rate consolidated at the 1.2150 level. During Wednesday’s morning, the rate continued to trade sideways at the given level.
It is unlikely, that bulls could prevail in the market in the short term, as the currency pair is pressured by the 55-hour moving average and the weekly S3 at the 1.2186. Thus, it is expected, that the pair could surpass the psychological level at 1.2100.
However, note, that the rate is supported by the 2018/2019 minimum located at 1.2125. If the given support level holds, the rate could maintain its consolidation for the current trading session.
