Yesterday, the GBP/USD exchange rate raised to the 1.3080 level. During Friday morning, the rate tested the resistance level—the weekly PP at 1.3099.
On the one hand, it is likely that bears could prevail in the market, and the currency pair could trade downwards. In this case the pair could target the weekly S1 at the 1.2985 mark.
However, note that the exchange rate could gain support of the 55– and 100-hour SMAs, currently located in the 1.3040 area. The rate could re-test the given resistance. If it holds, the rate could consolidate in the short run.
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