Yesterday, the GBP/USD exchange rate consolidated in the 1.3100 area. During Thursday morning, the rate tumbled to the 1.3020 level.
From the one hand, it is likely that the British Pound could continue to depreciate against the US Dollar in the short run. In this case the currency pair could gain support of the weekly S1 at 1.2997.
On the other hand, the exchange rate could reverse north within the following trading session. In this case it is unlikely that the pair could exceed the 1.3100 mark due to the resistance formed by the 55-, 100– and 200-hour SMAs
