On Thursday, the GBP/USD exchange rate rised to the 55-hour moving average, currently located at 1.2662. During today’s morning, the rate tested the resistance formed by the 100-hour SMA at 1.2690.
If the given resistance holds, it is expected, that some downside potential could prevail in the market, and the rate could target the support level—the weekly S1 at the 1.2610 mark.
However, if the 55–hour moving average holds, it is likely, that the currency pair could surpass the given resistance and target the 200-hour moving average, currently located at 1.2765.
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