Yesterday, the GBP/USD exchange rate declined to the 1.2000 level. During Wednesday morning, the rate was testing the given level.
Note that the currency pair is pressured by the 55-hour SMA near 1.2200. Thus, some downside potential could prevail in the market. In this case the pair could target the psychological level at 1.1800.
However, the exchange rate could gain support from the weekly S1 at 1.1977. If the given level holds, the British Pound could consolidate against the US Dollar near the 1.2000 level.
