On Tuesday, the GBP/USD exchange rate re-tested the lower boundary of the medium-term descending channel at 1.2210.
During today’s morning, the rate reversed south from the resistance cluster formed by the 55-, and 100-hour SMAs, as well the monthly PP in the 1.2280/1.2302 area.
The currency pair could continue to decline. However, note that it could face support of the weekly S1 at 1.2209. If the given support hold, it is likely that the British Pound could consolidate against the US Dollar in the short run.
