Yesterday, the GBP/USD exchange rate skyrocketed to the 1.3100 level. During Friday morning, the rate tried to surpass the 1.3120 level.
From the one hand, it is likely that some downside potential could prevail in the market. In this case it is unlikely that the currency pair could go below the 1.3045/1.3072 area due to the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP.
On the other hand, the exchange rate could trade sideways in the 1.3120 area within the following trading session. Also, it is unlikely that bulls could prevail, and the rate could exceed weekly R1 at 1.3181.
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