Yesterday, the GBP/USD exchange rate consolidated near the resistance level—the monthly S2 at 1.2452. During Tuesday morning, the rate maintained its consolidation.
From the one hand, it is likely that the currency pair could trade downwards in the nearest future. In this case pair could gain support from the monthly S3, the weekly PP, the Fibo 23.60% and the 100-hour SMA in the 1.2150.
From the other hand, it is likely that the exchange rate could gain support from the 55-hour SMA near 1.2350 and re-test the given resistance. If the resistance holds, the rate could continue to consolidate in the short run.
