During Wednesday, the GBP/USD exchange rate jumped to the 100-hour moving average at the 1.2504 mark. During today’s morning, the rate surged to the resistance formed by the 200-hour SMA at 1.2555.
If the given resistance does not hold, it is likely, that the currency pair could continue to go upwards. However, note, that the pair has to surpass the weekly PP at the 1.2574 mark.
Otherwise, if the given resistance holds, it is expected, that the rate could reverse south within the following trading hours. It is unlikely, that the pair could drop lower than the 1.2488 mark due to the support of the 55-hour SMA.
