Yesterday, the GBP/USD exchange rate reversed south from the weekly R1 at 1.2500. During Wednesday morning, the rate broke the Fibo 50.00% at 1.2418.
Given that the currency pair is pressured by the 55-hour SMA near 1.2440, it is likely that some downside potential could prevail. In this case the pair could decline to the monthly PP at 1.2345.
However, note that the rate could gain support from the 100– and 200-hour SMAs near 1.2400 and reverse north in the short term. In this case the rate could re-test the weekly R1.
