Yesterday, the GBP/USD exchange rate tried to surpass the resistance cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2479/1.2496 range. During Tuesday’s morning, the rate declined to the 1.2440 level.
It is expected, that the British Pound could continue to depreciate against the US Dollar in the short term. In this case the currency pair is likely reach the support cluster formed by the weekly S1, the monthly S2 and the Fibo 0.00% in the 1.2387/1.2403.
On the other hand, it is likely, that the pair could trade sideways between the 1.2420 and 1.2440 levels in the nearest future.
