Yesterday, the GBP/USD exchange rate tried to surpass the 1.2340 level. During Friday morning, the rate was testing the support formed by the 55-hour SMA, the weekly R1 and the monthly S1 in the 1.2290 area.
If the given support holds, it is likely that a reversal north could occur in the nearest future. Note that the nearest support, formed by the weekly R2 and the Fibo 50.00%, is located in the 1.2400 area.
However, if the currency pair fails to exceed the 1.2340 level, it is likely that the British Pound could consolidate against the US Dollar within the following trading session.
