Since Monday, the GBP/USD exchange rate has been consolidating in the 1.3030 area.
It is likely that the currency pair could gain support from the 200-hour SMA near 1.3000 and trade upwards in the short term. In this case the pair could target the 1.3100/1.3150 range.
In the meantime, note that the exchange rate is pressured by the 55-hour SMA near 1.3040. Therefore, the rate could breach the medium-term ascending channel south and target the weekly S1 at 1.2911.
