GBP/USD Consolidates In 1.3850 Area

Since yesterday, the GBP/USD exchange rate has been trading sideways in the 1.3850 area.

It is likely that the currency pair could gain support from the 55-hour SMA, as well the weekly R1 near 1.3800. Thus, some upside potential could prevail in the market. In this case the pair could target the 1.3950 level.

In the meantime, note that the exchange rate is pressured by the weekly R2 at 1.3879. If the predetermined resistance level holds, the rate could continue to trade sideways in the nearest future.