Yesterday, the GBP/USD exchange rate tumbled to the support level formed by the 200-hour SMA at 1.2887. During Tuesday morning, the rate was testing the given support.
It is likely that the currency pair could make a reversal north in the nearest future. Note that the pair would have to surpass the resistance cluster formed by the 55- and 100-hour SMAs, as well the weekly PP and the Fibo 38.20% in the 1.2909/1.12925 range.
On the other hand, the British Pound could consolidate against the US Dollar, squeezed by the given support and resistance. Also, it is unlikely that bears could prevail in the market, and the pair could drop lower than the weekly S1 at 1.2842.
