Yesterday, the GBP/USD exchange rate broke the medium-term ascending channel north. During Wednesday morning, the rate consolidated in the 1.3250 area.
From the one hand, it is likely that a reversal south could occur in the nearest future. In this case the currency pair could target the support area formed by the 55-, 100– and 200-hour SMAs, as well the weekly R1 in the 1.3097/1.3165 range.
On the other hand, it is likely that the exchange rate could gain support from the weekly R2 at 1.3216. Thus, the British Pound could trade sideways against the US Dollar in the short term.
