On Friday, the GBP/USD exchange rate went up to the 1.3100 level. During today’s morning, the rate touched the Fibo 50.00% at 1.3196.
The currency pair could remain under pressure of the weekly R1 at 1.3157 and trade downwards in the short run. In this case it is unlikely that the pair could decline below Fibo 38.20% at 1.2918.
On the other hand, the British Pound could consolidate against the US Dollar in the 1.3120 area within the following trading session. It is unlikely that bulls could prevail, and the rate could exceed the weekly R2 at 1.3262.
