Yesterday, the GBP/USD exchange rate consolidated in the 1.2400 area. During Wednesday morning, the rate maintained its consolidation.
It is likely that the currency pair could gain support from the 100-hour SMA, as well the monthly PP and the Fibo 50.00% near 1.2345 and trade upwards in the short run.
Note that the pair would have to surpass the Fibo 61.80% at 1.2520. If the given level holds, the rate could continue to consolidate. Also, it is unlikely that bears could prevail, and the pair could drop below the 200-hour SMA near 1.2000.
