GBP/USD Trades Sideways At 1.2420

Yesterday, the GBP/USD exchange rate traded sideways in the 1.2420 area. During Friday morning, the rate maintained its consolidation.

Given that the currency pair is pressured by the 55-hour moving average near 1.2440, it is likely that some downside potential could prevail. Note that the nearest support level—the monthly PP, is located at 1.2346.

On the other hand, it is likely that the exchange rate could gain support at the 1.2400 level and continue to trade sideways within the following trading session.

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