Yesterday, the British Pound tumbled to 1.2200 against the US Dollar. During Wednesday morning, the GBP/USD exchange rate jumped to the 1.2260 mark.
It is unlikely that some upside potential could prevail in the market due to the resistance cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly and monthly PPs in the 1.2268/1.2321 area.
It is likely that the currency pair could reverse south in the nearest future. Note that the pair could face support of the weekly S1 located at the 1.2228 mark. If the given support level holds, the British Pound could consolidate against the Greenback in the short run
