On Wednesday, the GBP/USD exchange rate reversed north from the descending trend line located at the 1.2393 mark. During today’s morning, the rate was testing the resistance level formed by the 100– and 200-hour SMAs, as well the weekly S1 at 1.2487.
If the given resistance holds, it is expected, that the currency pair could reverse south. In this case, the pair has to surpass the 55-hour SMA, currently located at the 1.2432 mark.
Otherwise, it is likely, that the rate could maintain its growth. In this case, the pair could reach the resistance level formed by the weekly PP and the monthly S1 located circa the 1.2540 mark.