Yesterday, the GBP/USD exchange rate increased to the 1.3120 level. During Thursday morning, the rate surpassed the given mark.
From the one hand, it is likely that the British Pound could continue to appreciate against the US Dollar in the short run. In this case the currency pair could face resistance of the Fibonacci 50.00% retracement at 1.3196.
On the other hand, it is likely that bears could prevail in the market in the nearest future. In this case it is unlikely that the currency pair could surpass the support level formed by the 55-hour SMA, as well the weekly R2 and the monthly R1 at the 1.3030 area.
