During the previous trading session, the GBP/USD exchange rate reached the psychological level at 1.2700.
The rate could continue to extend gains in the short run. However, the currency pair has to surpass the resistance level formed by the weekly R1 at 1.2735. If it does not hold, the pair could reach the psychological level at 1.2760.
If the given resistance holds, it is expected, that the pair could trade sideways, trying to surpass it. Also, it is unlikely, that the rate could tumble lower than the 1.2648/1.2673 range due to the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP.
