Yesterday, the GBP/USD exchange rate failed to decline below 1.2860. During Friday morning, the rate raised to the resistance formed by the weekly S1, the Fibo 38.20% and the 55-hour SMA at 1.2920.

In the given resistance holds, it is likely that a reversal south could occur in the nearest future, and the currency pair could target the monthly S2 located at the 1.2832 level.

However, if the given resistance does not hold, it is likely that the exchange rate could try to surpass the resistance cluster formed by the 100– and 200-hour SMAs, as well the weekly PP in the 1.2960/1.3000 area

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