Yesterday, the GBP/USD exchange rate declined to 1.2540. During Tuesday morning, the rate dropped to 1.2520.
It is likely that the currency pair could gain support from the weekly S1 and the monthly PP near 1.2500. Thus, a reversal north could occur, and the pair could try to surpass the resistance formed by the 55– and 100-hour SMAs, as well the weekly PP in the 1.2586/1.2600 area.
Meanwhile, note that the exchange rate could face the resistance formed by the 200-hour moving average near 1.2550. If the given resistance holds, it is likely that the rate could consolidate.
