Yesterday, the GBP/USD exchange rate reached the 1.2950 level. During Friday morning, the rate exceeded the weekly R1 at 1.2985.
On the one hand, it is likely that the British Pound could continue to appreciate against the Greenback in the short run. Note that the nearest possible resistance—the monthly R1, is located only at 1.3096.
On the other hand, the currency pair could consolidate in the 1.3000 area within the following trading session. Also, it is unlikely that bears could prevail, and the pair could drop below 1.2880 due to support formed by the 55– and 200-hour SMAs.
