On Thursday, the GBP/USD exchange rate tried to surpass the support level formed by the weekly PP at 1.2832. During today’s morning, the rate continued to test the given support.
Note that the currency pair is pressured by the 55-, 100– and 200-hour moving averages, currently located in the 1.2861/1.2907 area. Thus, it is likely that the pair could decline in the short term. A possible downside target is the psychological level at 1.2750.
However, if the given support level holds, it is likely that a reversal north could occur in the nearest future. However, it is unlikely that the exchange rate could exceed the Fibonacci 38.20% retracement at 1.2918.
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