Yesterday, the GBP/USD exchange rate consolidated in the 1.2480 area. During Friday morning, the rate was testing the Fibo 50.00% at 1.2418.
If the given support level holds, it is likely that a reversal north could occur. Note that the currency pair would have to surpass the 55– and 100-hour SMAs in the 1.2500 area. If the given resistance holds, the rate could consolidate.
On the other hand, it is likely that the exchange rate could be pressured by the 200-hour SMA near 1.2460 and trade downwards in the short run. In this case the rate could gain support from the weekly and monthly PPs in the 1.2345/1.2372 area.
