Yesterday, the GBP/USD exchange rate tried to surpass the 1.2480 level. During Thursday morning, the rate pierced 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.
On the other hand, the pair could reverse south from the 1.2520 level and re-test the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the Fibo 50.00% in the 1.2390/1.2455 range.
