Yesterday, the GBP/USD exchange rate breached the medium-term ascending channel north. During Tuesday morning, the rate exceeded the weekly R2 at 1.2536.
It is likely that some upside potential could prevail in the market. Meanwhile, note that the currency pair could face the resistance cluster formed by the weekly R3, the monthly R1 and the Fibo 61.80% in the 1.2615/1.2678 range.
If the given resistance holds, it is likely that a reversal south could occur, and the pair could target the weekly R1 at 1.2448. Meanwhile, if the weekly R2 holds, it is likely that the British Pound could consolidate against the US Dollar.
