Yesterday, the GBP/USD exchange rate tried to surpass the weekly S1 at 1.2858. During Friday morning, the rate tested the Fibo 38.20% at 1.2918.
Note that the currency pair is pressured by the 55-, 100– and 200-hour moving averages un the 1.2930 area. Thus, some downside potential could prevail, and the pair could target the lower line of the medium-term channel near 1.2820.
However, if the weekly S1 holds it is likely that the British Pound could consolidate against the US Dollar. Also, it is unlikely that bulls could prevail, and the rate could exceed the weekly PP at 1.2956.