On Friday, the GBP/USD exchange rate declined to the 1.2300 level. During today’s morning, the rate was testing the given level.
It is likely that the currency pair could remain under pressure of the monthly S2 at 1.2452 and trade downwards in the short term. In this case the pair would have to surpass the monthly S3 at 1.2178.
On the other hand, the British Pound could consolidate against the US Dollar in the short run. Also, it is unlikely that bulls could prevail, and the rate could exceed the monthly S1 at 1.2637.
