Yesterday, the GBP/USD exchange rate traded sideways at the 1.2850 level. During Wednesday morning, the rate maintained its consolidation.
It is unlikely that some upside potential could prevail in the market, as the currency pair is pressured by the 200-hour SMA at 1.2866.
Also, it is unlikely that the pair could decline due to the support formed by the weekly PP and the 100-hour SMA at 1.2832.
It is likely that the British Pound could continue to consolidate against the US Dollar within the following trading session.
