Yesterday, the GBP/USD exchange rate tested the 1.2940 level. During Tuesday morning, the rate advanced to the resistance level—the weekly R1 at 1.2985.

If the given resistance level holds, it is likely that a reversal south could occur in the nearest future. But it is unlikely that the currency pair could drop lower than the Fibo 38.20% at 1.2918.

If the given resistance level does not hold, it is likely that the British Pound could continue to extend gains against the Greenback in the short term. A possible upside target is the resistance level formed by the weekly R2 and the monthly R1 at 1.3030.

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