Yesterday, the GBP/USD exchange rate consolidated in the 1.2420 area. During Tuesday morning, the rate jumped to the weekly R1 at 1.2500.
On the one hand, it is likely that some upside potential could continue to prevail in the market. In this case the currency pair could exceed the psychological level at 1.2550.
However, if the weekly R1 holds, it is likely that a reversal south could occur. Note that the rate could face the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly and monthly PPs, the Fibo 50.00% in the 1.2345/1.2418 range.
