Yesterday, the GBP/USD exchange rate re-tested the monthly R1 at 1.2615. During Friday morning, the rate raised the weekly R3 at 1.2678.
It is likely that the currency pair could gain support from the 55-hour moving average near 1.2580 and trade upwards in the short run. In this case the pair could exceed the 1.2750 level.
However, if the weekly R3 holds, it is likely that the British Pound could trade sideways against the US Dollar within the following trading session.
Meanwhile, it is unlikely that bears could prevail in the market, and the pair could decline below the 100-hour SMA and the weekly R2 at 1.2536.
