Yesterday, the GBP/USD exchange rate reversed south from the weekly R2 at 1.2758. During Wednesday morning, the rate was testing the support provided by the Fibo 61.80% at 1.2646.
If the given support does not hold, it is likely that some downside potential could prevail in the market. Note that the currency pair could gain support from the 100– and 200-hour SMAs, as well the weekly PP in 1.2572/1.2620.
Otherwise, it is likely that a reversal north could occur in the nearest future, and the exchange rate could re-test the weekly R2.
