On Thursday, the GBP/USD exchange rate skyrocketed to the weekly R2 at 1.2274. During today’s morning, the rate declined to the support level—the weekly R1 at 1.2212.
If the given support level holds, it is likely, that a reversal north could occur in the nearest future. In this case, the currency pair could re-test the given resistance level.
Otherwise, it is expected, that the British Pound could depreciate against the US Dollar. However, note, that the pair has to surpass the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2114/1.2178 range.