Yesterday, the GBP/USD exchange rate consolidated at the weekly S1 at 1.3090. During Thursday morning, the rate continued to trade near the given level.
Note that the currency pair is pressured by the 55-hour moving average at 1.3124. Thus, it is likely that some downside potential could prevail in the market. In this case the pair could gain support of the monthly R1 at 1.3028.
However, if the given resistance holds, it is likely that the British Pound could appreciate against the Greenback in the short run. In this case the rate would have to surpass the resistance cluster formed by the 100– and 200-hour SMA, as well the Fibo 50.00%, the weekly PP and the monthly R3 in the 1.3196/1.3303 area.
