During Thursday, the British Pound depreciated slightly against the US Dollar, reaching the 1.2180 level. During today’s morning, the GBP/USD exchange rate was trading at the given level.
Note that the currency pair is pressured by the 55-, 100– and 200-hour moving averages, currently located in the 1.2206/1.2227 range. Thus, some downside potential could prevail in the market. The pair could target the weekly S1 at 1.2142.
Otherwise, it is likely, that the rate could trade sideways in the short term, trying to surpass the given moving averages. It is unlikely that the rate could exceed 1.2220 due to the resistance of the weekly PP.
