Yesterday, the GBP/USD exchange rate tested the Fibo 61.80% at 1.2646. During Wednesday morning, the rate was testing the 100-hour SMA near 1.2500.
It is likely that the currency pair has been trading within the ascending channel since last Monday. Thus, it is likely that some upside potential could prevail in the market. In this case the pair could re-test the given resistance level.
On the other hand, note that the exchange rate could be pressured down by the 55-hour SMA near 1.2550. In this case the rate could decline to the support formed by the Fibo 50.00% and the 200-hour SMA at 1.2418.
