Yesterday, the GBP/USD exchange rate consolidated in the 1.2185 area. During Tuesday morning, the rate skyrocketed to 1.2320.
On the one hand, it is likely that some upside potential could prevail in the market, and the currency pair could target the weekly R2 located at the 1.2401 level.
On the other hand, the pair could gain support from the weekly R1 and the monthly S1 near 1.2290 and consolidate in the nearest future.
Also, it is unlikely that bears could prevail in the market, and the rate could decline below the psychological level at 1.2240.
