Yesterday, the GBP/USD exchange rate traded sideways in the 1.2450 area. During Tuesday morning, the rate broke the support formed by the Fibo 50.00% and the weekly S1 in the 1.2400 area.
On the one hand, the currency pair could gain support from the monthly PP at 1.2345 and reverse north in the nearest future. However, it is unlikely that the pair would exceed the weekly PP at 1.2522.
On the other hand, the exchange rate could be pressured down by the 55-, 100– and 200-hour SMAs in the 1.2460 area. In this case the rate could gain support from the weekly S2 at 1.2281.
