On Tuesday, the GBP/USD currency pair skyrocketed to the monthly PP at 1.3033. During Wednesday’s trading session, the pair headed to the resistance level formed by the weekly R2 at 1.3090.
If the given resistance does not hold, it is expected, that the exchange rate could continue to extend gains. A possible upside target is the resistance level located at the 1.3119 mark.
Otherwise, it is likely that the rate could trade sideways between the given resistance and support. It is unlikely, that bears could prevail in the market, and the British Pound could slump lower than the weekly R1 at the 1.3006.
