Yesterday, the GBP/USD exchange rate failed to exceed the Fibo 61.80% at 1.2646. During Friday morning, the rate was testing the resistance provided by the 55-hour SMA and the weekly R1 at 1.2600.

If the given resistance holds, it is likely that some downside potential could prevail in the market, and the currency pair could target the psychological level at 1.2520.

On the other hand, it is likely that the pair could gain support from the 100-hour SMA near 1.2560 and try to exceed the Fibo 61.80% once again.

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