Yesterday, the GBP/USD exchange rate dropped to the 1.2550 level. During Friday morning, the rate was testing the resistance level formed by the 200-hour SMA and the Fibo 61.80% at 1.2646.
If the given level holds, it is likely that a reversal south could occur in the nearest future. In this case the currency pair could gain support from the weekly PP at 1.2576.
If the given support level holds, it is likely that the pair could consolidate in the short term. Otherwise, it is likely that the rate could decline below the 1.2550 mark.
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