Yesterday, the GBP/USD exchange rate tested the weekly R1 at 1.2893. During Tuesday morning, the rate reversed south.
It is likely that the currency pair could gain support from the 55-hour moving average near 1.2820 and re-test the given resistance level.
If the predetermined resistance holds, it is likely that the British Pound could consolidate against the US Dollar in the short run. Otherwise, it is likely that the pair could target the 1.2950 level.
