Yesterday, the GBP/USD exchange rate re-tested the 1.1450 level. During Tuesday morning, the rate jumped to the 1.1750 mark.
It is likely that the currency pair could gain support from the 55-hour SMA near 1.1600 and continue to trade upwards in the nearest future. In this case the pair would have to surpass the weekly PP at 1.1838.
If the given level holds, it is likely that a reversal south could follow, and the British Pound could consolidate against the Greenback. Otherwise, it is likely that the exchange rate could target the 200-hour SMA near 1.2000.
