Yesterday, the GBP/USD exchange rate tested the monthly R1 at 1.2615. During Thursday morning, the rate declined to 1.2500.
It is likely that the currency pair could gain support from the 100-hour SMA near 1.2485 and trade upwards in the short term. In this case the pair could re-test the monthly R1.
Meanwhile, note that the exchange rate could remain under pressure of the 55-hour SMA and the weekly R2 in the 1.2550 area. If the given resistance holds, it is likely that the rate could consolidate.
