Yesterday, the GBP/USD exchange rate skyrocketed to the 1.2450 level. During Friday morning, the rate was testing the weekly R2 located at the 1.2528 mark.
From the one hand, the British Pound could extend gains against the US Dollar within the following trading session. Note, that the currency pair could face the resistance formed by the Fibonacci 23.60% retracement, the weekly R3 and the monthly R1, located in the 1.2573/1.2643 area.
From the other hand, the British Pound could consolidate against the US Dollar at the psychological at 1.2550 in the nearest future. It is unlikely that bears could prevail in the market, and the rate could drop lower than the weekly R1 located at 1.2435.
