Yesterday, the GBP/USD exchange rate dropped to the 1.2850 mark. During Wednesday morning, the rate was trading at the given level.
It is unlikely that some upside potential could prevail in the market due to the resistance cluster formed by the 55– and 100-hour SMAs, as well the Fibo 38.20% and the monthly R2 in the 1.2904/1.2934.
It is likely that the currency pair could decline within the following trading session. However, note, that the pair would have to surpass the support level formed by the weekly PP at 1.2832. If the given support holds, the British Pound could consolidate against the Greenback in the short run.
