During Thursday, the GBP/USD exchange rate raised to the resistance level formed by the weekly PP and the monthly S1 located circa 1.2540. During today’s morning, the rate was testing the given resistance.
If the given resistance level holds, it is expected, that the currency pair could go downwards. However, note, that the pair has to surpass the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly S1 in the 1.2471/1.2495 range.
On the other hand, it is expected, that the rate could trade sideways between the given support and resistance in the short term.
