Yesterday, the GBP/USD exchange rate raised to the weekly PP at 1.2218. During Tuesday morning, the rate was testing the 200-hour SMA near 1.2270.
If the given moving average holds, it is likely that a reversal south could occur in the nearest future. In this case the rate could target the psychological level at 1.2100.
Meanwhile, note that the currency pair could gain support from the 55– and 100-hour SMAs, as well the Fibo 38.20% in the 1.2165/1.2195 range. If the given support holds, the pair could consolidate in the short term.
