Since yesterday, the GBP/USD exchange rate has been consolidating near the 1.2900 level.

It is likely that the currency pair could gain support from the 55– and 100-hour SMAs near 1.2870 and extend gains in the short run. A possible upside target is the 200-hour moving average near 1.2990.

In the meantime, note that the pair would have to exceed the weekly PP at 1.2945. If the given resistance holds, it is likely that the rate could maintain its consolidation.

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