During Monday, the GBP/USD exchange rate consolidated near the 1.2300 level. During today’s morning, the rate was trying to surpass the resistance formed by the 55-hour SMA at 1.2299.
Note that the currency pair is supported by the monthly PP at 1.2280. Therefore, it is likely that some upside potential could prevail in the market within the following session. A possible upside target is the upper line of the medium-term descending channel located circa 1.2350.
However, currency pair could face resistance of the 100-hour moving average, currently located at the 1.2326 mark. Thus, the British Pound could continue to trade sideways against the Greenback in the short run
