On Wednesday, the GBP/USD exchange rate consolidated at the 1.2480 level. During today’s morning, the rate was testing the support formed by the 55– and 100-hour SMAs, as well the monthly R2 at 1.2459.
If the given support holds, it is likely that a reversal north could occur in the nearest future. In this case the exchange rate could re-test the psychological level at 1.2520.
If the given support does not hold, the British Pound could decline against the US Dollar within the following trading session. Note that the pair could be supported by the 200-hour SMAs, as well the weekly PP at 1.2416.