Yesterday, the GBP/USD exchange rate declined to the weekly S3 at 1.2531. During Friday morning, the rate reversed north.
Note that the currency pair faced the resistance level formed by the weekly S2 and the monthly S1 at 1.2636. If the given level holds, the British Pound could consolidate against the US Dollar in the short term.
Otherwise, it is likely that some upside potential could prevail in the market. In this case the exchange rate would have to surpass the resistance formed by the 55-hout SMA near 1.2740.
