Yesterday, the GBP/USD exchange rate breached the medium-term descending channel north. During Thursday morning, the rate exceeded the 1.2500 level. It is likely that the currency pair could gain support from the weekly R1 and the monthly PP at 1.2490. Thus, it is likely that some upside potential could prevail in the market, and the pair could target the 1.2600 level.
Meanwhile, if the rate fails to exceed the 1.2550 mark, it is likely that the British Pound could trade sideways against the US Dollar in the nearest future.
Also, it is unlikely that bears could prevail, and the pair could decline below the Fibo 50.00% at 1.2418.
