Yesterday, the GBP/USD exchange rate consolidated at the 1.2550 level. During Thursday morning, the rate maintained its consolidation.
It is likely that some downside potential could prevail in the market, as the currency pair could be pushed down by the 55– and 100-hour SMAs near 1.2600. Note that the nearest support, formed by the Fibo 50.00% and the weekly S1, is located at 1.2420.
Meanwhile, if the exchange rate fails to decline below the 1.2520 level, it is likely that the British Pound could continue to consolidate against the US Dollar in the short term.
