Yesterday, the GBP/USD exchange rate maintained its consolidation in the 1.2400 area. During Thursday morning, the rate continued to consolidate.
It is likely that the currency pair could gain support from the 55– and 100-hour SMAs near 1.2380 and trade upwards in the short term. In this case the pair would have to surpass the Fibo 61.80% at 1.2520.
If the given level holds, it is likely that the exchange rate could continue to trade sideways in the short term. Also, it is unlikely that bears could prevail in the market, and the rate could decline below the support formed by the weekly PP, the Fibo 38.20% and the 200-hour SMA near 1.2100.
