Yesterday, the GBP/USD exchange rate raised to the resistance formed by the 100– and 200-hour SMAs, as well the Fibo 61.80% at 1.2646. During Tuesday morning, the rate was testing the given level.
If the given resistance holds, it is likely that a reversal south could occur in the nearest future. In this case the currency pair could gain support from the 55-hour SMA near 1.2570.
If the predetermined support holds, it is likely that the British Pound could consolidate against the US Dollar in the short run.
Also, it is unlikely that bulls could prevail, and the pair could exceed the weekly R1 at 1.2746.
