During Thursday, the GBP/USD exchange rate traded sideways in the cluster formed by the 55-hour SMA and the 2018/2019 low, located at 1.2143 and 1.2093 respectively.
If the given support and resistance levels hold, it is likely, that the currency pair could maintain its consolidation in the short term. However, if bears prevailed in the market, it is expected, that the pair could surpass the psychological level at 1.2050.
It is unlikely, that some upside potential could prevail in the market, as the rate is pressured by the 100-hour moving average, as well the weekly S3 located at the 1.2186 mark.
