Yesterday, the GBP/USD exchange rate reversed south from the resistance formed by the 100– and 200-hour SMAs. During Thursday morning, the rate traded in the 1.2950/1.3000 area.
Note that the currency pair is pressured by the 55-hour moving average, currently located at 1.3010. Thus, it is likely that some downside potential could prevail in the market, and the pair could target the Fibo 38.20% at 1.2918.
However, if the 1.2950 level holds, it is likely that the British Pound could consolidate against the Greenback in the short run. Also, it is unlikely that bulls could prevail, and the pair could exceed the weekly S1 at 1.3053.
