Yesterday, the GBP/USD exchange rate reversed north from the support formed by the weekly S1 and the monthly PP in the 1.2500 area. During Wednesday morning, the rate was trading at 1.2600.
It is likely that the currency pair could gain support from the 55– and 100-hour SMAs, as well the weekly PP in the 1.2590 area. Thus, some upside potential could prevail in the market.
Meanwhile, note that the exchange rate would have to exceed the Fibo 61.80% at 1.2646. If the given resistance holds, it is likely that the British Pound could consolidate against the US Dollar in the short run.
