Yesterday, the GBP/USD exchange rate dropped to the support formed by the Fibo 50.00% and the weekly S1 at 1.2420. During Friday morning, the rate was testing the given level.
If the predetermined support holds, it is likely that a reversal north could occur. Meanwhile, it is unlikely that the currency pair could exceed the 55-hour SMA near 1.2500.
Otherwise, it is likely that some downside potential could continue to prevail in the market. In this case the exchange rate could gain support from the monthly PP at 1.2346.
