Yesterday, the GBP/USD exchange rate consolidated near the support level—the Fibo 38.20% at 1.2190. During Friday morning, the rate maintained its consolidation.
From a theoretical perspective, it is likely that the currency pair could trade downwards within the falling wedge pattern in the short term. In this case the pair could decline below 1.2150.
Meanwhile, note that the exchange rate is pressured by the 55-hour SMA near 1.2230. If the given support and resistance hold, it is likely that the rate could continue to consolidate in the short run.
