During Wednesday, the GBP/USD exchange rate tried to surpass the 1.2250 level. During today’s morning, the rate was trading at the 2018/2019 low at 1.2125.
Given that the currency pair is pressured by the 55– and 100-hour SMAs, currently located at 1.2161 and 1.2237 respectively, it is likely, that some downside potential could prevail in the market. The pair could target the 1.2000/1.2050 range.
On the other hand, the rate could trade sideways within the cluster formed by the given low and the weekly S3 at 1.2186. Also, it is unlikely, that bulls could prevail in the market, and the pair could jump higher than 1.2281 due to the resistance of the weekly S2.
