Yesterday, the GBP/USD exchange rate raised to the 1.3060 level. During Wednesday morning, the rate was trading at the given mark.
Note that the currency pair is supported by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.3030 area. Thus, some upside potential could prevail in the market, and the pair could target the weekly R1 at 1.3104.
However, if the exchange rate fails to surpass the 1.3080 level, it is likely that the British Pound could consolidate against the US Dollar in the short run. If the given support does not hold, the rate could target the lower boundary of the short-term ascending channel at 1.2980.
