Yesterday, the GBP/USD exchange rate tested the support level formed by the monthly S1 at 1.2292. During Friday morning, the rate was testing the 100-hour SMA near 1.2400.
On the one hand, the given moving average could push the currency pair down to the monthly S1. If the given support does not hold, the pair could reach the 1.2250 level.
On the other hand, the exchange rate could gain support from the weekly S1 and the 55-hour SMA near 1.2360 and try to exceed the 200-hour SMA and the monthly PP in the 1.2450/1.2470 area.
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