Yesterday, the GBP/USD exchange rate tried to surpass the psychological level at 1.2140. During today’s morning, the rate declined to the 1.2100 mark.
It is unlikely, that the currency pair could extend gains due to the resistance cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2100/1.2136 range.
It is likely, that the British Pound could depreciate against the US Dollar in the nearest future. A possible downside target is the weekly S1 at the 1.2052 mark. Otherwise, the pair could trade sideways, trying to surpass the given resistance.
