Since yesterday, the GBP/USD exchange rate has been trading sideways in the 1.2725 area.

It is likely that some downside potential could prevail in the market, as the currency pair remains to be under pressure of the 55-hour moving average near 1.2740.

Meanwhile, note that the pair is supported by the weekly S2, the monthly S3 and the Fibo 61.80% near 1.2700. If the given support holds, the rate could maintain its consolidation.

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