At the end of last week, the GBP/USD exchange rate raised to the 1.2700 level. During Monday morning, the rate consolidated at the given mark.
It is likely that the currency pair could gain support from the 55– and 100-hour SMAs in the 1.2600 and extend gains in the short term. In this case the pair could face the resistance formed by the weekly R1 and the monthly R2 in the 1.2850 area.
However, if the exchange rate fails to exceed the 1.2730 mark, it is likely that the British Pound could trade sideways against the US Dollar in the nearest future.
