Yesterday, the GBP/USD exchange rate skyrocketed to the psychological level at 1.2180. During Wednesday morning, the rate declined to the 1.2140 mark.
Note, that the currency pair is supported by the 55– and 100-hour SMAs, currently located circa 1.2130. If the given support hold, the pair could reverse north and target the given psychological level.
Otherwise, it is expected, that the British Pound could depreciate against the US Dollar within the following trading session. In this case, the rate has to surpass the weekly PP and the 200-hour SMA, currently located at 1.2114 and 1.2100 respectively.