Yesterday, the GBP/USD exchange rate appreciated slightly. During Friday morning, the rate tested the weekly S1 at 1.2797.

It is likely that the currency pair could gain support from the 55-hour SMA near 1.2740 and trade upwards in the short term. In this case the pair would have to exceed the monthly S2 and the 200-hour SMA in the 1.2840 area.

If the given resistance level holds, it is likely that the British Pound could trade sideways against the US Dollar within the following trading session.

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