Yesterday, the GBP/USD exchange rate tried to surpass the resistance formed by the 200-hour SMA and the monthly S1 in the 1.2280 area. During Wednesday morning, the rate was trading at 1.2240.
Note that the currency pair faced the support cluster formed by the weekly PP, the Fibo 38.20%, as well the 55– and 100-hour SMAs in the 1.2190/1.2218 range. If the given support and resistance hold, it is likely that the pair could consolidate in the short run.
However, if the given resistance does not hold, it is likely that the exchange rate could reach the weekly R1 at the 1.2333 mark within the following trading session.
