Yesterday, the GBP/USD exchange rate tried to surpass the 55-hour SMA. During Thursday morning, the rate exceed the given moving average.
It is likely that the given moving average could now provide support for the currency pair and push it up to the 200-hour SMA located near 1.2460. However, note that the pair would have to surpass the resistance area formed by the weekly S1, the Fibo 50.00% and the 100-hour SMA in 1.2395/1.2418.
If the given resistance holds, it is likely that a reversal south could occur in the nearest future. In this case the exchange rate could gain support from the weekly S1 at 1.2281.
