On Tuesday, the GBP/USD exchange rate tried to surpass the resistance level formed by the monthly R2 at 1.2904. During today’s morning, the rate was testing the given resistance.
Given that the currency pair is supported by the 55– and 100-hour moving averages at 1.2850, it is likely that some upside potential could prevail in the market. Note that the pair would have to surpass the Fibo 38.20% at 1.2918 as well.
If the given resistance hold, it is likely that the British Pound could consolidate against the Greenback within the following trading session. Also, it is unlikely that bears could prevail, and the rate could drop lower than the psychological level at 1.2820.
