Yesterday, the GBP/USD exchange rate reached the resistance cluster formed by the Fibo 23.60%, the monthly S3 and the weekly R1 in the 1.2200 area. During Friday morning, the rate was testing the given resistance.
If the given cluster does not hold, it is likely that the British Pound could continue to appreciate against the US Dollar. In this case the currency pair could face the monthly S2 at 1.2452.
Otherwise, it is likely that a reversal south could occur in the nearest future. In this case it is unlikely that the exchange rate could decline below the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.1815/1.2000 range.
