Yesterday, the GBP/USD exchange rate raised to the 1.2620 level. During Thursday morning, the rate was testing the resistance level—the Fibo 61.80% at 1.2646.

If the given resistance holds, it is likely that a reversal south could occur. Note that the currency pair could gain support from the weekly R1 at 1.2593.

If the predetermined support holds, it is likely that the pair could consolidate in the short run. Otherwise, the rate could decline to the 55– and 100-hour SMAs in the 1.2525/1.2570 area.

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