Yesterday, the GBP/USD exchange rate continued to trade sideways around the 1.2070. During Wednesday morning, the rate was testing the resistance level formed by the 100-hour SMA and the weekly PP at 1.2090.
If the given resistance holds, it is expected, a reversal south could occur in the nearest future. Important level to look out for is the 2018/2019 minimum located at 1.2020.
Otherwise, it is expected, that the pair could maintain its consolidation in the short run. If the given resistance does not hold, the rate could test the 200-hour SMA, currently located at 1.2119.