At the end of last week, the GBP/USD exchange rate consolidated at 1.2180. During Monday morning, the rate maintained its consolidation.

Note that the currency pair is pressured by the 55-, 100– and 200-hour SMAs in the 1.2200 area. Thus, some downside potential could prevail in the market. It is likely that the pair could target the 1.2100 level.

However, if the exchange rate fails to decline below 1.2160, it is likely that the British Pound could consolidate against the US Dollar within the following trading session.

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