Yesterday, the GBP/USD exchange rate surpassed the weekly S1 at 1.1642. During Thursday morning, the rate was testing the 1.1500 level.
On the one hand, it is likely that some downside potential could continue to prevail in the market. In this case the currency pair could target the psychological level at 1.1200.
On the other hand, the British Pound could consolidate against the US Dollar near the weekly S1 in the nearest future. It is unlikely that bulls could prevail, and the rate could exceed the 55-hour SMA, currently located near 1.1900.
